Long-term government borrowing costs surged across the US, Europe and Japan as investors demanded more compensation for heavy public debt, persistent inflation and renewed Middle East risk. The move tightened financial conditions for governments, households and companies independently of central-bank policy, raising the cost of mortgages and investment. The 30-year US Treasury yield reached about 5.33%, its highest in 19 years, the 10-year yield hit 4.75%, and equity markets came under pressure.