INVESTORS WORRY ABOUT FISCAL BALANCE BEYOND THE U.S. The U.S. isn't the only country spurring fiscal concerns, Deutsche Bank's Jim Reid writes. A 20-year bond auction in Japan yesterday had the lowest demand in a decade, he says. Reid points out that the current debt-to-GDP ratio is 100% in the U.S. and the U.K., and 250% in Japan, compared to 41%, 42% and 113%, respectively, in 1999, when Japan introduced its 30-year sovereign bond. "We've never had a 30yr plus global bond market before when debt has been this high," Reid says, adding that "this is uncharted territory." He says supply will increase in coming years, "so the long-end desperately needs inflation to be controlled."