De flesta asiatiska marknaderna backar under natten, med stora fall i Japan där regeringen hotar med valutaintervention. Dollarn faller och guldet slår rekord. DI 26 januari 2026, 07:41
https://www.di.se/live/morgonkoll-valutaoro-sanker-tokyoborsen/
Dollar sinks to 4-month low and gold soars past $5,000 as yen leaps
https://www.ft.com/content/76fd82ae-8546-49ef-9774-cef6397f131f
Japan Bond Crash Unleashes a $7 Trillion Risk for Global Markets
Prime Minister Sanae Takaichi is pushing fiscal stimulus plans that would swell a government debt pile that is already uncomfortably large. As a result, investors have been frantically sending bond yields up to levels once unthinkable — more than 4% on the longest-dated JGBs. That’s exerting upward pressure on interest rates from the US to Britain and Germany. The Big Take Bloomberg January 25, 2026
https://www.bloomberg.com/news/features/2026-01-25/japan-bond-market-crash-raises-alarm-for-global-interest-rates
“The simple theory is that higher rates in Japan and lower rates in the U.S. would hurt stocks and bonds in the U.S., much as the opposite circumstance has helped stocks and bonds in the U.S.,” said The Big Short investor Michael Burry on his Substack page.
https://www.marketwatch.com/story/michael-burry-flags-risks-from-japan-yen-to-u-s-stocks-as-rate-check-stirs-debate-01c2c4f4
Japanese authorities may be preparing to enter foreign-exchange markets in a bid to halt the yen’s slide, possibly with the rare assistance of the US.
“It is not for me as a prime minister to comment on matters that should be determined by the market, but we will take all necessary measures to address speculative and highly abnormal movements”
https://www.bloomberg.com/news/articles/2026-01-24/japan-s-takaichi-warns-ready-to-act-on-speculative-market-moves
Sudden Japan Bond Crash
The selling in Japan’s $7.6 trillion bond market began slowly, then seemed to hit all at once.
What started as an unremarkable day on Tokyo trading desks quickly morphed into what several market participants described as the most chaotic session in recent memory.
While concerns about Japan‘s fiscal position had been simmering for weeks, they suddenly boiled over on Tuesday afternoon with little warning — sending yields on some bonds to all-time highs.
The rout left some hedge funds rushing to unwind losing trades
Bloomberg January 20, 2026
Speculation of intervention is building after reports that the Federal Reserve Bank of New York contacted financial institutions to ask about the yen's exchange rate, which is seen as a possible precursor to action.
The yen swung wildly in the final trading hours of last week, gaining as much as 1.75% to 155.63 against the dollar, and traders are wary of trying to weaken Japan's currency further ahead of a potential intervention.
Carry trades are those in which traders borrow in a low-interest-rate currency and invest the proceeds in one with higher interest rates, aiming to profit from the difference in rates.
Stocks still vulnerable to further unwind of yen carry trade
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