Japan's Nikkei Volatility Index, which tracks expected moves in the Nikkei Stock Average over the next month, traded at 33.30 on the afternoon of the 18th, up 3.83 points, or 13.00%, from the previous day. The index hit an intraday high of 33.32 and a low of 30.63 after reversing from a 30.93 close on the 17th, as renewed increases in Japanese and U.S. long-term yields, higher crude oil prices and escalating Middle East tensions undermined risk appetite. Japan's newly issued 10-year government bond yield rose 2.5 basis points (hundredths of a percentage point) to 2.945%, nearing 3%, while the U.S. 30-year Treasury yield climbed to 5.31% on the 17th, its highest since 2007. The move came as all three major U.S. equity indexes fell for a second straight day, Nikkei 225 futures dropped sharply and the yen hovered in the mid-159 range against the dollar. The index often rises when stocks fall and has historically moved back toward roughly 20 to 30 after spikes, but the combination of rising rates and geopolitical risk kept caution elevated.