Japanese government bonds recovered slightly on Friday, after a volatile week that saw fiscal and inflation concerns drive super-long yields to record highs.

After a week of rapid increases, yields on Japan’s 30- and 40-year government bonds dropped more than 10 basis points in late trading on Friday.

Global bond markets face significant shifts as Japanese and US Treasury yields rise sharply, indicating inflation and fiscal pressures. Japan's 30-year yield hits a record high, while Moody's downgrade of US debt raises concerns over its $36 trillion liabilities,