Benchmark 10-year government bond yields surged to multi-decade highs across the United States, Europe and Japan this week, marking one of the broadest bond selloffs in years. Yields in the US and UK reached levels last seen in 2007, Japan reached a level unseen since 1996, Germany climbed to its highest point since 2009, and France reached its highest level since 2008. Oil above $100 a barrel, renewed Middle East hostilities and heavy government debt issuance have intensified inflation and supply concerns. Japan is particularly exposed because its debt exceeds 200% of gross domestic product, while analysts identify France as the most vulnerable major economy because of its fiscal deficits, debt burden and reliance on external capital. Higher long-term yields raise mortgage and corporate borrowing costs and increase pressure on government budgets. Markets are also pricing high odds of a Federal Reserve rate hike this week, which could either stabilize or extend the global selloff. The coordinated move reflects a broader repricing of sovereign risk and inflation expectations, with the next direction dependent in part on central-bank responses.