BREAKING: Japan's 30-year government bond yield rose to 2.96%, its highest level in almost 25 years. At the same time, 40-year bond yield reached 3.44%, the highest since its debut in 2007. Yields on Japanese long-term bonds have DOUBLED over the last 2 years. This comes as demand for long-term bonds has fallen relative to elevated supply. The Bank of Japan has gradually shrunk the size of the balance sheet over the last 18 months while most major Japan’s life insurers have recently reduced their holdings of bonds. Japan is also one of the most indebted countries in the world, with a Debt-to-GDP ratio of 251%. The Japanese bond market is experiencing a structural change.