避险资产不避险？关税战升级与日债走高双重施压 美债遭遇信任考验

Group 1 - The threat of tariffs on Greenland by the U.S. has weakened demand for U.S. assets and heightened concerns about Washington's long-term fiscal situation, leading to a sell-off in U.S. Treasuries [1] - U.S. Treasury yields for 10-year and 30-year bonds rose by at least 3 basis points during Asian trading hours, reflecting market reactions to geopolitical tensions [1] - Japanese government bonds have also seen a decline, with the 40-year bond yield reaching 4%, the highest since its issuance in 2007, indicating rising interest rates in Japan [1] Group 2 - Concerns about the long-term trajectory of global sovereign interest rates persist, with speculation about the potential appointment of Rick Riedel as the next Federal Reserve Chair adding to the uncertainty [2] - European countries hold trillions of dollars in U.S. bonds and stocks, raising speculation that they may sell these assets in response to renewed tariff conflicts, which could increase borrowing costs and negatively impact the stock market [2] - The rising yields in Japan may prompt Japanese investors to repatriate funds from U.S. Treasuries, further pushing up U.S. Treasury yields [2] Group 3 - The high level of Japanese government bond yields makes investing in U.S. Treasuries less attractive after accounting for currency hedging costs, potentially leading to a shift of funds back to Japan for better net yields [3]