Today: Ausverkauf von Staatsanleihen – Spurensuche in New York und Tokio

On Friday, the bond market situation slightly calmed down, but analysts agree that yields for long-term government bonds in the US and Japan should continue to rise in the long run due to further interest rate hikes by central banks. Two dispatches to Tokyo and the US clarify the consequences and connections. "It was quite clear that this will happen eventually, sooner or later, the bond markets will wake up and say: wait a minute, we want higher risks, higher inflation, but also higher yields now," says Martin Schulz, Chief Economist of Fujitsu in Tokyo.

The Japanese Prime Minister Sanae Takaichi's strategy had assumed that the economy would grow faster, so that the debt-laden industrial giant could shoulder its debt obligations despite the yield increase. The downside, however, was that important structural reforms would be postponed. The US government is nervous because the yield increase in the US is mainly a problem for them.

Not only are government debts continuing to rise, but the US has also been refinancing its debt more frequently in the short term. As the US must reschedule more than one-fifth of its total debt burden every few months, they face higher yields more acutely. "I think that at some point it will become critical," says Antonia. Even many companies could be caught off guard if they need to refinance now.

Nevertheless, she expects further interest rate hikes from the US central bank. The US Department of Finance's interventions are currently dissipating in the markets.