Japan’s government debt yields are falling so far that 40-year bonds pay less than U.S. two-year notes for the first time since 2008. The Japanese security yields 0.8 percent, versus 0.9 percent for the 2018 Treasury. The markets are going in opposite directions because the Bank of Japan is using negative interest rates to try to spur its economy, while the Federal Reserve raised its benchmark in December and indicated it plans to do so again.

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