New Delhi, Sept. 2 -- Veteran banker, founder and non-executive director of Kotak Mahindra Bank, Uday Kotak cautioned the markets to be ready for a roller coaster ride in interest rates as benchmark sovereign debt yields advance across major global economies.

"Japan's 10 year bond crosses 3% and US 4.8%," Kotak stated on X.

At the time of reporting, the United States 10-year yield stood at 4.81 per cent, marking an increase of 0.01 or 0.17 per cent. Similarly, Japan's 10-year bond yield traded at 3.02 per cent, reflecting a gain of 0.02 or 0.71 per cent.

The veteran banker linked these market movements to widening sovereign fiscal imbalances and the authorities facing monetary policy pressures.

"As their government debt and deficits g...