After trading overnight in Asia, Japan’s government bond market is within a hair’s breadth of setting new record lows. The 10-year JGB is within a basis point and a fraction of one while the 5-year JGB has only 2 bps to reach. It otherwise seems at odds with the mainstream narrative at least where Japan’s economy is concerned. Japan JGB, Jan 2014 - Jul 2019 - Click to enlarge Record lows in Germany, those seem to make sense. By every account, the German...
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