The Global Bond Reset | The Tokyo Pivot

The pattern that Friday's note framed as a global reset has, over a single weekend, organised itself around a single sovereign. Japan now sits at the front of the move: 30-year JGB yields at the highest level since the tenor was introduced in 1999, 10s and 20s back to 1996 levels, and the yen extending its slide as the BoJ's perceived reluctance to raise rates collides with a finance ministry that publicly denies the need for fiscal stimulus while the Prime Minister's office prepares precisely that.

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