#数字资产动态追踪 Japanese government bond sales are still accelerating. The 10-year yield has hit a new high since February 1999. What does this mean? Looking further ahead: the 20-year government bond yield has surged to 3.08% (up about 10 basis points), the 30-year has jumped to 3.485% (up 3 basis points), and the 40-year has risen to 3.69% (up 8 basis points).

The yield curve is becoming steeper, reflecting a re-pricing of long-term risk premiums. Financial analysts point out that although the yen faces spillover pressures, what is truly worth cautioning—may not be the exchange rate itself, but the signals coming from the bond market. This is the biggest potential risk to Japan's economy this year.

Over the past three months, the situation has clearly worsened. The government and the Bank of Japan must stay alert. Where is the core issue? Traders and investors' choices are now very clear: they are more focused on fiscal and economic fundamentals rather than the Bank of Japan's policy stance or expectations of narrowing interest rate differentials. The simultaneous rise in bond yields and pressure on the yen indicate that market confidence in Japan's medium-term economic outlook is wavering.