What the market truly worries about is losing its anchor

Japanese government bonds have long been regarded as a "stability anchor" in the global interest rate system. Once this anchor loosens, the market's concern is not just about Japan itself, but about a chain reaction in global asset pricing.
An increase in Japanese bond yields means:
* The basis for carry trades is being shaken
* The global low-interest-rate assumption is being re-evaluated
* Funds may flow back from high-risk assets
This is also why fluctuations in Japanese bonds often amplify market sentiment. It is not just a single market that is being destabilized, but a widely used "reference point."
In the short term, this change is more likely to be reflected in exchange rate and bond market volatility rather than immediately triggering a systemic crisis. But ignoring this signal would clearly be unwise. #日本国债突现抛售风暴