Benson said that the wave of selling Japanese government bonds has spilled over into the US bond market and has been communicated with Japanese counterparts.

As Japanese government bonds are being sold off, US Treasury Secretary Scott Benett stated that he had discussions with Japanese counterparts. Benett mentioned that the selling of Japanese government bonds has spread to the US Treasury market. "I have been in communication with Japanese officials responsible for economic affairs, and I believe they will begin to make statements to calm the market," Benett said in an interview with Fox News during the annual World Economic Forum in Davos, Switzerland. Tuesday's trading session in Tokyo became the "most chaotic trading day in recent years" according to traders. The yields on Japanese 30-year and 40-year government bonds surged by over 25 basis points, marking the largest volatility since the global market turmoil caused by Trump's "liberation day" tariffs last year. As of 9:12 AM New York time, the yield on US 10-year Treasury bonds has risen by about 6 basis points to 4.29%, reaching the highest level since August earlier in the session.