Group 1 - The global bond market experienced a significant sell-off, with U.S. and Japanese bonds leading the decline, marking a historic rise above 4% for Japanese bonds for the first time in over 30 years [1][5] - The U.S. 30-year Treasury yield rose nearly 9 basis points to 4.925%, while the 10-year Treasury yield reached a high of 4.286%, both hitting their highest levels since early September of the previous year [3][4] - Concerns over fiscal sustainability and the potential for increased debt issuance to fund government spending are causing volatility in the U.S. bond market, with investors questioning the reliability of U.S. Treasuries as a safe haven [5][6] Group 2 - Japan's 30-year bond yield increased by over 30 basis points to 3.915%, and the 40-year bond yield reached 4.231%, also a historic high, reflecting a significant shift in the Japanese bond market [5][6] - A recent auction of Japan's 20-year bonds showed weak demand, with a bid-to-cover ratio of 3.19, lower than previous auctions and the 12-month average of 3.34, indicating market concerns [6] - The global bond market is under pressure as investors demand higher yields to compensate for persistent inflation and rising government borrowing, with recent tariff threats potentially exacerbating these pressures [6]