Japan's 10-year government bond yield crossed 1% on Friday for the first time in 12 years amid increasing expectations of further Bank of Japan (BOJ) policy tightening.

The 10-year Japanese government bond (JGB) yield inched up 0.5 basis point (bp) to 1.005%, its highest since April 2012.

"Upward pressure on Japanese yields is getting stronger, with overnight rises in overseas yields," said Shinichiro Kadota, head of Japan FX and rates strategy at Barclays Securities Japan.