Japan’s Bond Widows Are Finally Having Their Day
Yields are their highest since 1999 and accelerating under Takaichi.
Tokyo’s Kanda Myojin shrine on the first business day of the year.
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For a generation, it seemed a sure thing to short Japanese government bonds. And like something surreal out of Stoppard or Beckett, it’s never worked out. Betting on JGB yields to rise thoroughly deserves its nickname: the widowmaker.