They told you Japan was safe. They lied.

The bedrock of the global financial system just cracked wide open. Japan is supposed to be a "boring" trade.

The 30-year yield just hit an all-time record. The anchor is gone.

We are watching a mathematical impossibility play out in real-time. Yields are up 100 basis points in a year.

For a country with 232 debt-to-GDP ratio, that isn't a "correction", that is a death spiral.

They approved a $780 Billion budget thinking the market would eat it up.

Instead, the market is spewing it back out. The BOJ is trapped. The Yen is dying.

If Japan breaks, the liquidity shock will hit every asset class on Earth.