We are witnessing unprecedented losses in Japanese bond markets: Japan's 30Y government bond prices have erased -45% of their value since 2019. This comes as 30Y bond yield has risen ~275 basis points, to near their highest since its debut in 2007. Over the last year, Japan’s 30Y bond yield has surged 100 basis points, creating massive unrealized losses for financial institutions. Unrealized losses on domestic bond holdings for 4 of Japan’s largest life insurers QUADRUPLED in 12 months to a record 60 billion in Q1 2025. Japan's bond market is in trouble.