视频丨日本国债收益率持续攀升 冲击民生和金融市场

Core Viewpoint - Japan's 10-year government bond yield has surged to 2.125%, the highest level since February 1999, raising concerns about its impact on global financial markets [2][8]. Group 1: Factors Driving Yield Increase - The primary driver of rising bond yields is the Japanese government's large-scale fiscal expansion policy, which has led to increased risk premiums demanded by investors due to concerns over fiscal sustainability [4]. - Expectations of interest rate hikes by the Bank of Japan are also contributing to upward pressure on bond yields [4]. Group 2: Economic Implications - The continuous rise in Japan's bond yields is causing multi-layered impacts on the economy, with risks transitioning from financial markets to the real economy [5]. - Increased financing costs due to rising interest rates will significantly inflate interest expenses, squeezing fiscal resources and limiting government spending on social welfare such as education and healthcare [7]. - For businesses, the transmission of interest rate hikes to the real economy will directly raise loan rates and financing costs, thereby compressing profit margins [7]. Group 3: Global Market Impact - There are concerns that Japan's rising bond yields will disrupt global financial markets, particularly affecting emerging markets facing capital outflows [8]. - The increase in Japanese bond yields and the Bank of Japan's rate hikes have led to a significant rise in the cost of borrowing in yen, triggering large-scale unwinding of carry trades and concentrated sell-offs of overseas assets [10]. - As a major creditor nation, fluctuations in Japan's bond market can directly affect core markets like U.S. and German bonds, potentially leading to a rise in global interest rates and tightening liquidity in global markets [10].