Two cheers for higher Japanese bond yields in the spirit of Milton Friedman | The Market Monetarist<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Market monetarist Lars Christensen gives an insight into rising Japanese (JGB) bond yields: …..the markets do not think that the Japanese government is about to go bankrupt. In fact completely in parallel with the increase in inflation expectations the markets\u2019 perception of the Japanese government\u2019s default risk have decreased significantly. Hence, the 5-year Credit Default … <\/p>\n
Continue reading “Two cheers for higher Japanese bond yields in the spirit of Milton Friedman | The Market Monetarist”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,17],"tags":[877,1934,1950],"class_list":["post-7798","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-japan-korea","tag-credit-default-swaps","tag-japan","tag-jgb-yields"],"yoast_head":"\nTwo cheers for higher Japanese bond yields in the spirit of Milton Friedman | The Market Monetarist - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two cheers for higher Japanese bond yields in the spirit of Milton Friedman | The Market Monetarist - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Market monetarist Lars Christensen gives an insight into rising Japanese (JGB) bond yields: …..the markets do not think that the Japanese government is about to go bankrupt. In fact completely in parallel with the increase in inflation expectations the markets\u2019 perception of the Japanese government\u2019s default risk have decreased significantly. 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The bank has already cut its discount rate to 0.5 percent. What more can it do to increase the quantity of money?\u201d The answer is straightforward: The Bank of Japan can buy government bonds on the open\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63577,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/02\/09\/japan-on-a-new-course\/","url_meta":{"origin":7798,"position":1},"title":"Japan’s Debt Trap","author":"Colin Twiggs","date":"February 9, 2026","format":false,"excerpt":"Key Points Japanese PM Sanae Takaichi led her Liberal Democratic Party to a resounding 316 out of 465 seats win in Sunday's snap election for Japan's lower house. The Yen strengthened, and long-term bond yields declined on the result. The Japanese government is in a debt trap caused by precarious\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Japanese Yen","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-02-09-jpy.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-02-09-jpy.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-02-09-jpy.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":63208,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/11\/27\/japans-debt-trap\/","url_meta":{"origin":7798,"position":2},"title":"Japan’s debt trap","author":"Colin Twiggs","date":"November 27, 2025","format":false,"excerpt":"Key Points The yield on 30-year Japanese government bonds is rising steeply. Suppressing the yield would risk a Yen devaluation spiral and rising inflation. Allowing yields to rise would protect the Yen but threaten a funding crisis. Japanese government debt was 237 percent of GDP at the end of 2024,\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Japanese Public Debt-to-GDP","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-25-jp-debt-gdp.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-25-jp-debt-gdp.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-25-jp-debt-gdp.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":63132,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/11\/20\/carry-trades-at-risk-as-japanese-bond-market-revolts\/","url_meta":{"origin":7798,"position":3},"title":"Carry trades at risk as Japanese bond market revolts","author":"Colin Twiggs","date":"November 20, 2025","format":false,"excerpt":"Key Points The Japanese yen fell to 158 against the dollar. The 30-year JGB yield climbed to 3.37% on concerns over loose fiscal and monetary policy. Unwinding carry trades risks a repeat of the August 2024 financial market sell-off. The Japanese yen has weakened sharply to 158 against the dollar.\u2026","rel":"","context":"In "Japan & Korea"","block_context":{"text":"Japan & Korea","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/japan-korea\/"},"img":{"alt_text":"Japanese Yen","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-19-jpy.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-19-jpy.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-19-jpy.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":63326,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/12\/02\/tight-liquidity-and-rising-bond-yields-weigh-on-stocks\/","url_meta":{"origin":7798,"position":4},"title":"Tight liquidity and rising bond yields weigh on stocks","author":"Colin Twiggs","date":"December 2, 2025","format":false,"excerpt":"Key Points Selling pressure on the S&P 500 has increased as liquidity tightens. Ten-year Treasury yields are also rising amid growing pressure on Japanese bond markets. The ISM Manufacturing PMI declined to 48.2% as the sector continues its long-term contraction. Gold and silver are testing support, but remain in a\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Bitcoin (BTC)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-12-01-btc.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-12-01-btc.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-12-01-btc.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":7685,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/05\/04\/blame-del-pont-for-the-nightmarish-rise-in-argentine-inflation-the-market-monetarist\/","url_meta":{"origin":7798,"position":5},"title":"Blame del Pont for the nightmarish rise in Argentine inflation | The Market Monetarist","author":"ColinTwiggs","date":"May 4, 2013","format":false,"excerpt":"Lars Christensen cites MercoPress on hyper-inflation in Argentina: Because of inflation, people collect their salaries and rush to turn them into foreign currency\u201d, added the money traders\u2026 He observes: The collapse of the peso should be no surprise to anybody who have studied Milton Friedman. Unfortunately Argentina\u2019s central bank governor\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=7798"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7798\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=7798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=7798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=7798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}