Japan 5-Year Government Bond Yield Rises 7 Basis Points to 2.265%

The significance here is less the size of the move than its direction: Japanese yields grinding higher keeps eroding the last major pool of near-zero funding that global markets have leaned on for years. This matters most for carry-sensitive assets, including crypto and other risk exposures that have benefited from cheap yen liquidity. Whether the move stays confined to the belly of the JGB curve or spreads further out is the open question worth watching.