Japanese bond prices plummet, fiscal concerns drive yields to record highs.

The Japanese bond market saw a further decline on Tuesday as investors voted against Naomi Osaka's proposal to lower the food consumption tax, leading to a surge in yields to record highs. The yield on the 40-year Japanese government bond reached 4%, the highest level since the bond was introduced in 2007, and the first time in over 30 years that the yields on various Japanese government bonds of different maturities have reached 4%. The yields on the 30-year and 40-year government bonds rose by more than 25 basis points. Meanwhile, the auction of 20-year government bonds was lackluster, further highlighting market concerns about government spending and inflation.