July 10, 2025 >> Nobody’s Talking About This
No Europe will.
A financial earthquake from Japan could come from the JGB market — it's one of the biggest and most illiquid bond markets in the world
Any loss of confidence there could lead to severe repricing. Imagine the spillover into U.S. Treasuries, EM debt, or even carry trades
Investors might be underestimating how interconnected these risk channels are….
No Europe will.
A financial earthquake from Japan could come from the JGB market — it's one of the biggest and most illiquid bond markets in the world
Any loss of confidence there could lead to severe repricing. Imagine the spillover into U.S. Treasuries, EM debt, or even carry trades
Investors might be underestimating how interconnected these risk channels are….