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? pic.twitter.com/qMANhs6pIm
— Jim Bianco (@biancoresearch) January 19, 2026
*JAPAN 40-YEAR BOND YIELD HITS 4% FOR 1ST TIME SINCE 2007 DEBUT
— zerohedge (@zerohedge) January 20, 2026