Japan’s benchmark 10-year bond yield may climb above 1% for the first time in 11 years as the market becomes more volatile in the run-up to an expected interest-rate hike by the central bank.

That’s the view of some analysts in Tokyo as traders prepare for the Bank of Japan to increase rates for the first time since 2007. Overnight-indexed swaps point to a 67% chance that the BOJ will end negative rates by April. And while BOJ officials have said that monetary policy will be kept easy even after minus rates are abandoned, traders will likely bet on further hikes, pressuring debt yields higher, analysts say.