STOCKS | Westpac Says Japan's Extra Defense Spending Will Worsen U.S. Treasury Yield Pain

Westpac Banking Corporation said Japan's possible extra defense spending will deepen pain in the bond market and affect global bonds. According to Sina Finance, Martin Whetton, head of financial markets strategy at the bank, said Federal Reserve rate hikes and persistently higher oil prices will push U.S. Treasury yields higher again, and that the move toward 5% during Monday's trading session should be seen as normal rather than exceptional. The 10-year U.S. Treasury yield rose nearly 3 basis points to 5.01%.