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> "The JGB 10-year, 20-year-forward rate tells a compelling story: A 373-basis-point climb since 2021 marks a structural shift in Japan’s bond market." > "Long-term buyers – insurers and pensions – have stepped back from their role as steady buyers in the super-long sector. In their place, short-term traders dominate, turning 30-year JGBs into tactical plays. The result? Heightened volatility, amplified by global…
> **The old bond market adage is that 'yields will keep rising until something breaks".** In 2022/23, rising U.S. yields "broke" several banks by March 2023 (Silicon Valley Bank). Japanese yields are now at a 27-year high and going vertical. When does something "break" in Japan? Source - [Jim Bianco](https://x.com/biancoresearch/status/2013125530678132904?s=20)
"The JGB 10-year, 20-year-forward rate tells a compelling story: A 373-basis-point climb since 2021 marks a structural shift in Japan’s bond market."
"Long-term buyers – insurers and pensions – have stepped back from their role as steady buyers in the super-long sector. In their place, short-term traders dominate, turning 30-year JGBs into tactical plays. The result? Heightened volatility, amplified by global…
The old bond market adage is that 'yields will keep rising until something breaks".
In 2022/23, rising U.S. yields "broke" several banks by March 2023 (Silicon Valley Bank). Japanese yields are now at a 27-year high and going vertical. When does something "break" in Japan?
Source - Jim Bianco