For the bond markets, covid-19 is apparently a great equalizer. Before the pandemic, Japan's long-term interest rates were much lower than those of most other countries', in part because Japan has been deeply in debt - and therefore under pressure to finance that debt with low interest rates - longer than the US and Europe.
But now that everyone has to finance surreally large deficits, government bond yields are falling almost everywhere - except Japan - which raises some interesting questions.
Could this mean that out on the distant end of the yield curve, the