1.   Gilts often follow the lead of U.S. Treasury market, which functions as the global benchmark credit market.

2.   Higher rates in the U.S., the benchmark market for global debt, could force Japanese yields higher as well.

3.   Japanese bonds fell on the back of a decline in U.S. Treasuries -- the benchmark market for global debt -- and as the dollar recovered ground against the yen.

4.   Still, investors also said the decline in U.S. Treasuries, the benchmark market for world debt, was weighing on Japanese government bonds.

5.   U.S. bonds, the benchmark market for global debt, staged their biggest rally in three weeks on these comments.