Global Bond Selloff Spreads as 10-Year Yields Surge in U.S., UK, France and Japan, With Japan's Hitting 3%...

The bond selloff just went global. Yields on 10-year government debt are surging in the US, UK, France, and now Japan, all at once.
Japan is the one that matters. Its 10-year yield hit 3%, the highest since 1996. For three decades Japan held rates near zero and funded the yen carry trade that financed risk around the world. That anchor is lifting.
When every major government's borrowing cost climbs together, it is the market repricing decades of cheap money at once, not a local political story. Debt that was free to carry at 0% is a burden at 4 to 5%, and governments that built their budgets on free money now have to refinance into these rates. The bill for the cheap-money era is coming due everywhere at the same time.