🏛️ Japan's long-term bond yield just topped 3%, a 30-year high. Now the Finance Ministry is studying on-chain JGBs.
But bonds and cash already swap at once. What blockchain could fix: the 1-day T+1 gap and night hours.

Die Frage ist nun, ob die Märkte die Regierung Takaichi an dem messen, was Katayama im Fernsehen gesagt hat, oder an dem, was die Regierung als Nächstes tut. #Japan #Reflation #JGB
That leaves Tokyo needing its coming budgets to match its new message. The question now is whether markets will judge the Takaichi government by what Katayama said on television, or by what the government does next. #Japan #Reflation #JGB
🏛️ Japan's long-term bond yield just topped 3%, a 30-year high. Now the Finance Ministry is studying on-chain JGBs.
But bonds and cash already swap at once. What blockchain could fix: the 1-day T+1 gap and night hours.
La pregunta ahora es si unas cuentas mejores de lo esperado se traducen en menos endeudamiento, o si las promesas electorales acaban en el próximo programa de emisión de bonos. #NZTreasury #BonosSoberanos #JGB
L'aggiornamento di Wellington ha quindi un pubblico ben oltre la Nuova Zelanda. Ora la domanda è se conti migliori del previsto porteranno a minori emissioni, o se le promesse elettorali finiranno nel prossimo programma di emissioni obbligazionarie. #TesoroNZ #TitoliDiStato #JGB
Reste à savoir si des comptes meilleurs que prévu se traduiront par moins d'emprunts, ou si les promesses de campagne finiront dans le prochain programme d'émissions obligataires. #NZTreasury #GovernmentBonds #JGB
Damit hat Wellingtons Update ein Publikum weit über Neuseeland hinaus. Die Frage ist nun, ob besser als erwartete Staatsfinanzen zu weniger Kreditaufnahme führen – oder ob Wahlversprechen im nächsten Emissionsprogramm landen. #NZTreasury #Staatsanleihen #JGB
That leaves Wellington's update with an audience well beyond New Zealand. The question now is whether better-than-expected books lead to less borrowing, or whether election-season promises end up in the next bond issuance programme. #NZTreasury #GovernmentBonds #JGB
¿Y hasta dónde deben subir los rendimientos de los JGB para que el ahorro japonés ya no necesite salir de Japón para obtener rentabilidad? #JGB #BancoDeJapón #FlujosDeCapital
E fin dove devono salire i rendimenti dei JGB perché il risparmio giapponese non abbia più bisogno di lasciare il Giappone per ottenere un rendimento? #JGB #BankOfJapan #FlussiDiCapitale
un seuil ou une simple étape ? Et jusqu'où les rendements des JGB doivent-ils monter pour que l'épargne japonaise n'ait plus besoin de quitter le Japon pour être rémunérée ? #JGB #BankOfJapan #CapitalFlows
Und wie hoch müssen die JGB-Renditen steigen, bevor japanische Ersparnisse Japan nicht mehr verlassen müssen, um Rendite zu erzielen? #JGB #BankOfJapan #Kapitalflüsse
That leaves one open question: is 1.25% a threshold or just a waypoint? And how high must JGB yields go before Japanese savings no longer need to leave Japan to earn a return? #JGB #BankOfJapan #CapitalFlows
📉 Since 2013, Japan tried to push prices UP on purpose.
Now its economy minister, a longtime reflationist, says that era is over.
The numbers got there first: BOJ rate at 1.25%, a 31-year high. 10-year JGB yield hit 3.115%, highest since 1996.
de préstamos de los bancos tendrán que pagar. #JGB #CurvaDeRendimientos #Nikkei
slancio. La domanda ora è se una curva più ripida resterà un guadagno per chi presta denaro, o se si trasformerà in un conto che debitori, governi e, alla fine, i portafogli prestiti delle stesse banche dovranno pagare. #JGB #CurvaDeiRendimenti #Nikkei
portefeuilles de prêts des banques elles-mêmes devront régler. #JGB #CourbeDesTaux #Nikkei
Kreditnehmer, Regierungen und letztlich die Kreditbücher der Banken selbst begleichen müssen. #JGB #Zinskurve #Nikkei
gain for lenders, or whether it turns into a bill that borrowers, governments and eventually the banks' own loan books will have to pay. #JGB #YieldCurve #Nikkei
La pregunta ahora es cuánto tiempo podrán algunos valores de IA mantener sana la media, y qué mostraría el índice sin ellos. #Nikkei #AmplitudDeMercado #JGB