全球长债重演5月抛售潮！日债领跌，如何搅动全球市场？

Group 1: Global Bond Market Trends - Concerns over fiscal sustainability have intensified, leading to a collective sell-off of global long-term bonds, with yields soaring [1][3] - The 30-year U.S. Treasury yield has approached 5%, reflecting investor anxiety over increasing sovereign debt and upcoming inflation data [3][6] - Japan's long-term bonds have seen significant declines, with the 40-year yield rising by 17 basis points, driven by fears of increased fiscal spending ahead of the July 20 elections [6][8] Group 2: Country-Specific Developments - Germany has abandoned years of fiscal tightening, leading to rising long-term bond yields, with the 30-year yield reaching its highest level since 2011 at 3.25% [4][5] - The U.S. is projected to add trillions in national debt over the next decade due to recent legislation, causing unease among investors [3][5] - Japan's debt-to-GDP ratio has reached 250%, with a significant portion of the budget allocated to debt repayment, raising concerns about fiscal sustainability [6][7] Group 3: Market Reactions and Predictions - The rise in Japanese bond yields is expected to impact corporate bond issuance costs, potentially leading to reduced domestic issuance or increased reliance on foreign financing [7] - Analysts warn that rising bond yields could eventually affect the Japanese stock market, particularly as government spending and inflation rise [7][8] - The tightening of global liquidity due to rising Japanese bond yields may directly impact U.S. tech stocks that rely on low-cost funding [8]