Long-term government bond yields in the US, Japan and Germany have climbed to their highest levels in decades, driving sharp losses in long-dated debt as investors demand more compensation for inflation risk, fiscal deterioration and geopolitical uncertainty. On Aug. 18, the 30-year US Treasury yield reached 5.33%, up almost 40 basis points from late June, while French yields hit their highest since 2008, German bund yields their highest since 2011, UK gilt yields neared 6% and Japanese government bond yields approached a record high. Even with borrowing costs rising, demand for sovereign debt remains firm. Pension funds, insurers and other long-horizon investors still see a 5.3% nominal yield on 30-year US Treasuries as attractive, while JPMorgan Asset Management said the repricing in long-term government bonds may offer an appealing entry point from a real-yield perspective (return above inflation). Market participants say the selloff reflects both country-specific pressures and a broader global shift as governments run wider deficits and rely more on private investors, who typically demand a higher term premium (extra yield for longer maturities).