🚨 BREAKING

JAPAN'S BOND YIELD JUST BROKE ABOVE THE CENTURY HIGH - FOR THE FIRST TIME IN 26 YEARS!

THIS IS REALLY BAD FOR MARKETS...

Three curves. All hitting 26 year highs simultaneously across the entire yield curve.

This isn't a single maturity blowing out. The whole structure is repricing at once, which means the BOJ isn't managing this anymore. The market is.

Japanese institutions are the largest foreign holders of US Treasuries on earth. When their domestic bonds finally yield something real, the math on holding American debt at lower yields starts to look different.

The carry trade built the last decade. The unwind is writing the next one.

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