@thunderbyte
Japan’s 20Y bond yield just hit ~2.947% the highest since 1998. That’s a huge psychological line: after ~25 years of “basically zero,” Japan is finally drifting out of the ultra-cheap money era.
If 20Y is pushing 2.9%+, it also screams that the old playbook (tight control of the curve) isn’t what it used to be. YCC as a concept feels… finished.
Big picture: a 2-decade tide of cheap yen liquidity is pulling back. And when Japan shifts, global markets usually feel it.
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