Japan’s Bondquake: When “Zero” Became Hero (Then Villain) 😱

The nation’s 10-year government bond yield, that most docile of financial creatures, has reared its head to 1.85% – a height unseen since 2008, when bankers still remembered what risk was. This is no mere fluctuation, but the cracking of an economic ice age that had frozen Japanese rates in perpetual winter for decades. The implications for 2026’s global liquidity? More dramatic than Natasha Rostova’s first ball.