You Know Who Else's Interest Rates Are Shooting Up?

Japan. The country that basically defined deflation in the modern age just came out with better than expected GDP growth for the quarter, and it too is seeing a bond selloff.

Yields have risen three straight days, notes Bloomberg, and as you can see from this chart of 10-year JGB yields, they’ve come up significantly in recent weeks, furthering the idea that if you think the US bond selloff has something to do with bond vigilantes or inflation, you’re missing the point.

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