from Zero Hedge
Amid a strong 30 year auction overnight, long-dated Japanese Government Bond yields utterly collapsed. 30Y yields dropped 21bps – the biggest absolute drop in over 3 years and biggest percentage drop ever – to a record low 47bps. Since Kuroda unleashed NIRP, the entire JGB has been crushed and last night’s rush for long duration debt (well at least there is some yield there?) has flattened the curve to record lows. For context, Japan’s 30Y yield is now below US 2Y yield…
Nothing to see here…