This was also the week when no auctions for Treasury notes (2-year to 10-year) and Treasury bonds (20-year and 30-year) were scheduled. The Treasury Department did this to put a lid on longer-term Treasury yields, out of fear that Japan’s selling of US Treasuries to obtain the USD to buy yen with could further drive up long-term Treasury yields. The 30-year Treasury yield declined by 8 basis points this week, from the two-decade high a week ago, to 5.19% on Friday. Markets use the 10-year Treasury yield for pricing of other yields, such as mortgage rates and corporate bonds. A surge of the 10-year yield drives up long-term borrowing costs across the private-sector economy.