Under a policy dubbed yield curve control, the BOJ targets short-term interest rates at -0.1% and the 10-year bond yield around 0%. It also buys risky assets such as exchange-traded funds (ETF) as part of efforts to fire up inflation.
"The selloff may have run its course," said Jabaz Mathai, head of US rates strategy at Citi, pointing to inflation breakevens backing down.
"I would not say the bear market in Treasuries is over at this point, but there is the prospect of a near-term pullback," said Mathai. "You should see some stability in the 10-year around these levels."
The 10-year yield was up 6.9 basis points at 1.4578% and reached as high as 1.468%, the highest in a year.
"It's starting to become a momentum trade and the sell-off is becoming a global phenomenon," said Subadra Rajappa, head of US rates strategy at Societe Generale.
The benchmark 10-year yield was up 4.1 basis points at 1.4046% in morning trading, its first time above 1.4% since a year ago, and reached as high as 1.435%
Patrick Leary, chief market strategist and senior trader at Incapital, said the trading could also be a sign of investor skepticism about Powell's reassurance.