Japan’s 10-year government bond yield climbed toward 3.1% on Monday, remaining at its highest level since 1996 as persistent concerns over energy-driven inflation raised expectations that the Bank of Japan could accelerate its rate-hiking cycle. Oil prices rose after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, while Tehran said it would not ease its conditions for reopening the critical waterway. Meanwhile, a former BOJ official said the central bank could raise its benchmark rate for a second consecutive month when policymakers meet in October, citing heightened inflation risks. Minutes from the BOJ’s July meeting also showed members emphasizing the need for preemptive action against upside risks to prevent sharper rate increases later, noting that the policy rate remains below the neutral range.