Japan, with its highest in human history per capita government debt, has been an accident waiting to happen for a long time. But somehow, it has always managed to slip out of whatever trap the financial markets set for it.
Until now?
Japanese interest rates have been rising, increasing government interest costs and leading traders to wonder if the Bank of Japan has lost control of the narrative:
https://rubino.substack.com/p/japans-bond-market-crisis