Interesting shift happening in sovereign debt markets. Both UK and Japan are ramping up short-term borrowing to meet what investors actually want right now.

The upside? Lower interest costs in the near term. Governments save money when they borrow short.

The catch? They're taking on serious rollover risk. When those bonds mature and need refinancing, rate swings could make things expensive fast. It's a bet on stable rates—or at least rates that don't spike when they need to reissue.

Classic yield curve play, but with national balance sheets on the line.