Japan's benchmark bond yield rises to 3% for first time in 30 years

TOKYO, Sept 1 : Japan's benchmark 10-year bond yield hit 3 per cent on Tuesday for the first time since September 1996, pushed higher by investor concerns about inflation, fiscal health and mounting pressure on the central bank to hike interest rates faster.With the Middle East crisis stoking inflation fears globally and pressure on the Bank of Japan to accelerate rate hikes, yields have jumped to historic levels across the Japanese government bond curve.That has accelerated in recent days with domestic media reporting Japan's ministries and agencies likely made the largest initial budget request on record for next fiscal year.The 10-year JGB yield, used as a benchmark for mortgages and corporate borrowing, has more than tripled in two years. On the shorter end, the five-year rate is at a