Japan's Largest Life Insurers Suffer Staggering Losses After Bond Market Implodes

One week ago, we pointed out the startling development that at a time when all eyes were on US Treasuries, it was in fact the Japanese bond market - and especially the long-end - that was collapsing after a dismal 20Y auction priced with not only the worst bid to cover since 2012 but also the biggest tail since 1987,