The bond market is on shaky ground again. US Treasury Secretary Scott Bessent is trying to keep one of America's biggest foreign debt buyers from making it worse.
Long-term US yields are near multi-decade highs, pushing up mortgage and corporate borrowing costs and threatening stocks. Bessent already doubled long-term Treasury buybacks last month, but the US 30-year yield (^TYX) has climbed back toward its highest level since 2007.
Now another potential pressure point is emerging from ****** an, the largest foreign holder of US government debt, with about $1.1 trillion of Treasurys.
Japan spent decades with interest rates near zero. Now, its 10-year government bond yields around 3% for the first time since 1996. ****** anese savers and institutions can suddenly get paid at home, giving them less reason to send money overseas into Treasurys and other foreign bonds.
That creates one problem for Washington: A weaker yen can prompt ****** an to buy its currency with dollars. Raising those dollars can mean selling Treasurys, putting even more bonds into a market already struggling with high yields.

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