Japan's 10-year government bond yield pulled back slightly from a 10-year peak on Tuesday after a firm auction, with the Bank of Japan (BOJ) promising to buy bonds in the next session. But global yields are on the rise and the 10-year swap rate hit a record high, indicating strong upward pressure on JGB yields. The 10-year JGB yield fell 1 basis point (bp) to 0.760%, after hitting 0.780% - its highest since September 2013 - earlier in the session. "The BOJ has been trying to contain elevated yields by conducting emergency bond buying, but there is upward pressure remaining," said Takeshi Ishida, strategist at Resona Holdings. "It is a question of when the BOJ will tweak the policy, not whether it would do it or not," Ishida added. The 10-year interest rate swap rate rose to a record high of 0.9875% on Tuesday.