Japanese government bond yields are surging: Japan's 30Y Government Bond Yield has jumped ~20 basis points over the last 3 days, to ~3.10%, near a record high. At the same time, 40Y Japanese Government Bond Yield rose ~30 basis points, to ~3.35%, also close to an all-time high. This comes as investors grow increasingly concerned about Japan’s fiscal outlook and the possibility of more debt issuance in response to an economic downturn triggered by tariffs. Now, long-term Japanese bond yields have doubled in just 18 months. Meanwhile, the US 30-year Treasury yield is up for the 4th straight day, up 18 basis points, to 4.95%, its highest since mid-June. Bond markets are telling us something.