Japanese Bond Yields Continue To Collapse As China Margin Suffers Longest Losing Streak On Record

Following Kuroda's panic policy measures from Friday, JGB yields continue to collapse across the curve (though notably 30Y is selling off - is someone actually concerned about long-term survival risk?). 2Y Yields have collapsed all the way to BoJ's -10bps rate, 5Y is plunging - now close to -9bps, and 10Y has dropped 20bps to just over 6bps... with BofA warning a negative 10Y rate looms. However, Japan is not having all the excitement as China's margin debt (driver of all animal spirits) dropped again today - making this the longest losing streak in history as China's stock market investors continue to leave the levered building screaming fire.

JGB yields are collapsing... not exactly the risk-on stock-buying euphoria Abe and Kuroda were hoping for

With 10Y JGB yields closing in on negative, the percentage of global debt below 0% will explode.

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And then there is China... where margin debt has collapsed for the longest losing streak in history...

The outstanding balance of Shanghai margin debt dropped for 21st consecutive day on Friday, the longest streak since the exchange began compiling the data on April 1, 2010.

 

But apart from that - everything is stable.