Infinity QE: Terminated

The Japanese Bond Meltdown Signals the End of a Global Illusion

July 14th, 2025, will be remembered as the day Japan’s bond market detonated a signal flare into the heart of the global financial system. On this day, yields across Japan’s ultra-long government bonds soared. The 40-year JGB jumped an astonishing 17 basis points, the 30-year closed in on its May highs, and perhaps most importantly, the 10-year benchmar…