📉 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.

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
gruppo di vincitori, mentre il costo del denaro sale per tutti gli altri. La domanda ora è per quanto tempo pochi nomi dell'AI potranno far sembrare sana la media, e cosa mostrerebbe l'indice senza di loro. #Nikkei #AmpiezzaDelMercato #JGB
en bonne santé, et ce que montrerait l'indice sans elles. #Nikkei #LargeurDeMarché #JGB
und was der Index ohne sie zeigen würde. #Nikkei #Marktbreite #JGB
do not. That leaves Tokyo with a headline driven by a small group of winners while borrowing costs climb for everyone else. The question now is how long a few AI names can keep the average looking healthy, and what the index would show without them. #Nikkei #MarketBreadth #JGB
entre Washington y Teherán bastaría para volver a bajar la tasa de descuento, o si los mercados han empezado a ponerle un precio más alto al propio tiempo. #RendimientoDeBonos #TasaDeDescuento #JGB
tasso di sconto, o se i mercati abbiano iniziato ad attribuire un prezzo più alto al tempo stesso. #RendimentiObbligazionari #TassoDiSconto #JGB
suffirait à faire redescendre le taux d'actualisation, ou si les marchés ont commencé à attribuer un prix plus élevé au temps lui-même. #RendementsObligataires #TauxDActualisation #JGB