What explains significant rise in Japanese long-term yields?
Feb 22, 2026
Tokyo [Japan], February 22: After decades of deflationary stagnation and exceptionally low interest rates, Japan has entered a new macroeconomic regime. Following the Covid-pandemic and the Russia-Ukraine war, the "supply shocks" of confinement measures and geopolitical disruptions, combined with the global surge in commodity prices fuelled prices in Japan. These events amplified with a large "demand shock" from an unprecedented boost from significant fiscal support with ultra-loose monetary policy, pushing up the prices of goods.
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