Societe Generale(US:SCGLY) 智通财经网·2025-11-21 07:39Core Viewpoint - Concerns are raised about the sustainability of the U.S. stock market bull run, with a particular focus on the rising yields of Japanese government bonds as a significant risk factor [1] Group 1: Market Dynamics - Albert Edwards, a strategist at Societe Generale, emphasizes that the surge in Japanese bond yields is the biggest risk to global markets since the low yields established post-2008 crisis [1] - The 10-year Japanese government bond yield has surpassed 1.82%, which could potentially signal the end of the stock market bull run [1] Group 2: Investment Behavior - Historically, Japan has served as an early warning sign for major financial shifts, suggesting that Japanese institutions may redirect funds domestically [1] - This potential shift could reverse years of yen-funded arbitrage trades and significant purchases of foreign bonds, including U.S. Treasuries [1] Group 3: Implications for U.S. Markets - The U.S. markets are vulnerable to shocks due to their reliance on continuous capital inflows from Japan [1] - A rise in Japanese bond yields could prompt domestic investors to withdraw funds, which may severely impact U.S. assets and exert pressure on the U.S. dollar [1]