Japan’s government bond market, one of the largest and most tightly managed in the world, showed unexpected signs of strain.
Auctions for 30- and 40-year government bonds saw no demand. For a major economy with a historically captive investor base, that’s a significant moment. It suggests growing unease around long-term debt, fiscal credibility, and central bank policy.
These developments aren’t isolated. In the U.S., demand at recent Treasury auctions is softening, borrowing costs are rising, and questions around fiscal sustainability are gaining traction.
In our latest video, Jan Skoyles looks at what’s unfolding in Japan, why it matters beyond its borders, and how these patterns may be mirrored in other developed markets - particularly the United States.
We also reflect on the role of gold in this changing environment. Gold doesn’t rely on policy decisions or debt issuance. It offers something simpler: a store of value that doesn’t depend on promises being kept.
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