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Where did the global bond market turbulence originate? Japan's bond six-spread anomaly triggers a chain reaction
【BlockBeats】The Japanese bond market has recently caused a big stir. Last week, there were six standard deviation level anomalies, a rare level of fluctuation. The problem is, this turbulence is not an isolated event—it spreads like dominoes.
German bond yields are rising, French bond yields are also increasing, and even the US 10-year Treasury yield is affected. The logic behind this is actually simple: when a major economy’s bond market experiences such significant fluctuations, global investors will reassess risks, leading to a major reallocation of funds.
Interestingly, Japan’s economic departments are already communicating and coordinating stabilization measures. But the impact has already been unleashed—when bond yields change rapidly, the entire global financial system will feel the aftershocks. For the crypto market, such macro events often trigger asset reallocation, and risk appetite adjustments can also spill over into digital assets.
So, what appears to be a technical issue in the bond market has actually evolved into a global asset re-pricing event. This also reminds us to closely monitor the chain reactions among these major economies.