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Robin Brooks observes that long-term government bond yields are rising to new highs across major markets.
He points out that Japan stands out with an especially pronounced break in the long end of its yield curve, while the U.S., the UK, and France are also seeing unfavorable developments.
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Earlier this week, Brooks highlighted that long-term government bond yields in high-debt European countries, particularly France, reached record highs in a separate note. He also observed a decline in the Japanese yen despite a favorable U.S. rate differential in 2026 earlier this month. These observations offer further context to recent moves in bond and currency markets.