🇯🇵 Japanese bond yields are ripping higher, and this is not a benign “return to normal.” U.S. rates staying high are pulling global yields up, and Japan can’t fully resist it anymore. The BOJ is stuck: letting yields rise makes it much more expensive for Japan to service its massive debt, but stopping yields risks a weaker yen and loss of market trust. After decades of near-zero rates, even small increases hit hard. Higher yields mean the government pays more just to stand still, while policymakers have fewer good options and more trade-offs. Japan is feeling what high rates do to a heavily indebted country.