On Tuesday Japan's 10-year JGB yield rose 6 bps to 3%, its highest level since 1996. The rise is a milestone as benchmark borrowing costs that were near zero for years begin to normalize. The move came minutes before a government auction whose results showed demand for 10-year paper was in line with the 12-month average. Yields were roughly half this level a year ago, underscoring the rapid pace of change and its knock-on effects for the Japanese economy and global financial markets.