Yields on Japan's benchmark government bonds (JGBs) hit a 29-year high on Monday after the U.S.-Iran peace talks collapsed and the U.S. Navy prepared a blockade of the Strait of Hormuz, sending oil prices sharply higher and fuelling inflation fears. The benchmark 10-year ‌JGB yield rose 5.5 ⁠basis ⁠points (bps) to 2.490%, the highest since early June 1997, while the five-year yield rose 4 bps to a record high of 1.900%. Yields move inversely to bond prices. [...]