新华财经北京1月21日电 1月20日，全球债市遭遇集体"抛售潮"，美债和日债领跌，日债更是历史性地升破了4%关口，三十余年来，该国所有期限的主权 债券首次迈入"4时代"。 无独有偶，日债也在同一天遭遇历史性抛售，日本30年期国债收益率上升超30个基点至3.915%；日本40年期国债收益率更是触及4%的心理关口，上升29 个基点至4.231%，续创历史新高，这也是该国主权债券三十余年来首度迈入"4时代"。 据彭博社报道，周二午间刚举行的日本20年期国债拍卖结果显示需求疲软，投标覆盖率仅为3.19，低于前次拍卖的4.1，也不及过去12个月3.34的平均水 平。 引发市场巨震的核心原因是日本首相高市早苗周一的重磅声明。日本首相高市早苗周一在记者会上正式确认将于1月23日解散众议院，并于2月8日提前大 选。高市早苗还称，必须大胆投资风险管理，摆脱过度紧缩的束缚。 与此同时，澳大利亚、新西兰债券同步下跌，德国国债期货也出现下滑。野村澳大利亚有限公司驻悉尼的高级利率策略师安德鲁·蒂斯赫斯特表示："全球 主权债收益率曲线的长期端显得相当脆弱。" 全球债券在年初即面临压力。投资者要求更高的收益率，以补偿顽固的通胀和不断上升的 ...

Group 1 - Large investors are diversifying their bond portfolios due to the impact of Trump's trade war and the increasing U.S. fiscal deficit, which have weakened the attractiveness of the U.S. bond market [1][2] - The recent tax reform proposed by Trump, which passed in the House, is expected to significantly increase U.S. public debt, raising concerns among investors about government borrowing levels [1][2] - The traditional role of U.S. bonds as a safe haven asset has been undermined, leading to a shift in focus towards international asset allocation, especially as other regions' bond markets show strong returns [1][3] Group 2 - Investors are increasingly worried about the high allocation of dollar assets compared to historical levels, prompting them to consider diversifying into other markets [2][3] - The U.S. long-term treasury bonds have faced significant sell-offs, with the 30-year treasury yield rising above 5.1%, the highest since the end of 2023, indicating growing concerns about U.S. fiscal trajectory [2][3] - The depreciation of the dollar against six major currencies by 8% this year has made non-U.S. assets more appealing, with investors highlighting the attractiveness of European, Japanese, and Australian bonds [3][4] Group 3 - Concerns about the U.S. budget deficit, projected to remain at 6%-7% of GDP, are leading to increased refinancing needs and potential higher yields demanded by buyers [4][5] - The ongoing discussions among global investors regarding diversification away from U.S. capital markets have intensified due to the pressures of a weakening dollar, declining stock markets, and rising interest rates [4][5] - The traditional role of U.S. bonds may diminish due to high fiscal deficits and leverage, prompting a reevaluation of investment strategies [5]