日、美债市遭抛售！“去美元化交易”卷土重来，丹麦养老金打响“第一枪”

Group 1: Market Reactions - The U.S. stock, bond, and currency markets experienced significant declines on January 20, with the 10-year Treasury yield reaching 4.29%, a five-month high [1] - The Danish pension fund Akademiker Pension, holding $100 million in U.S. Treasuries, announced plans to sell its U.S. debt by the end of the month due to concerns over credit risk stemming from U.S. policies [1][8] - The new issuance of 30-year and 40-year Treasury yields rose to 3.875% and 4.215% respectively, marking historical highs [1] Group 2: Japanese Bond Market - Japanese Prime Minister Sanna Takashi's recent actions have led to a sell-off in the Japanese bond market [2] - The estimated annual fiscal loss from suspending the consumption tax on food and non-alcoholic beverages is approximately 5 trillion yen ($316 billion) [3] - Analysts suggest that the ongoing political focus on tax reductions will likely lead to continued fiscal expansion in Japan, necessitating further issuance of government bonds [3] Group 3: Global Impact and Investor Sentiment - The volatility in the Japanese bond market has caused a ripple effect, impacting U.S. Treasury yields and prompting a reassessment of investment portfolios globally [4][5] - The potential for European countries to retaliate against U.S. tariffs by selling U.S. assets has been discussed, with Deutsche Bank highlighting the possibility of "weaponizing" U.S. assets [9] - Bridgewater Associates' founder Ray Dalio indicated that sovereign funds may begin to divest from U.S. investments if they no longer view the U.S. as a stable trading partner [9]