While media attention is rightly focused on the Japan-U.S. trade deal, don't overlook what is happening to the long end of the Japanese bond market where, driven mainly by fiscal concerns, yields continue to climb. With what is a correlated, rather than coordinated, fiscal expansion in the three largest advanced economies -- the US, Germany, and Japan -- global bond markets have a lot of issuance to digest in the period ahead. #economy #markets #debt #deficits #bonds #germany #Japan