Japan's bond stress is becoming a global liquidity test, and for crypto too This week's macro narrative has been shaped by Japan. Volatility at the long end of the government bond curve intensified after a weak 20-year JGB auction, marked by soft demand and a wider price tail. While this does not yet imply a disorderly unwind of the yen-funded carry trade, it is a clear sign of mounting stress in a market that has long acted as a global anchor for low yields. For years, Japanese institutions have recycled d ...