A global slide in long-dated bonds extended into Asia on Wednesday, with Japan’s 30-year yield jumping to a record 3.28% as fiscal worries mount. U.S. Treasuries hovered near 5% and UK gilts hit their highest since 1998, stoking concerns over heavy debt issuance.

Gold scaled a new peak above $3,500 per ounce, while the dollar firmed against the yen and sterling slipped further. Asian equities retreated, with Japan’s Nikkei down 0.7%, though European futures pointed modestly higher.

Investors are now focused on euro zone and UK services data and Friday’s U.S. jobs report, seen as pivotal for the Fed’s next move. Markets are pricing an 89% chance of a 25-basis-point U.S. rate cut this month.