日本长债市场波动：财政扩张担忧引发震荡

Group 1 - The core viewpoint of the articles highlights the volatility in Japan's long-term bond market, with a primary trend of declining yields, particularly in the 10-year bonds which fell by 10 basis points to 1.56% [1] - On July 15, Japan's bond market experienced significant fluctuations, with the 10-year yield reaching a peak of 1.59%, the highest since October 2008, indicating heightened market tension [1] - Concerns regarding potential fiscal expansion following the Japanese Senate elections are seen as a trigger for the recent turmoil in the long-term bond market, raising fears of increased debt levels [1] Group 2 - Japan's public debt-to-GDP ratio stands at a staggering 263%, significantly higher than the 142% during the 2010 Greek debt crisis, illustrating the severity of Japan's debt situation [2] - The continuous growth of Japan's debt is attributed to three decades of expansionary fiscal policies aimed at reviving economic growth, leading to concerns about potential loss of control over the debt situation [2] - If Japan's debt issues escalate, it could lead to higher borrowing costs for the government, squeezing fiscal space and impacting public services and infrastructure investments, alongside a potential decline in international investor confidence [2]