Global bond markets experienced a sell-off last week, with Japan's 30-year government bond yield reaching its highest level in 19 years. This trend was mirrored in the US, Australia, and Europe as investors shifted toward cash and safe-haven currencies. Despite the sell-off, Japan saw a record foreign inflow into its super-long government bonds last month, driven by heightened risk aversion amid US tariff policies. Concurrently, the US 10-year Treasury yield rose to 4.4%, which some analysts attribute to Japan selling US debt. This activity is linked to a notable increase in Japan's M2 money supply, which reached $8.91 trillion, rising by $0.11 trillion in a single day, and has contributed to the strengthening of the Japanese yen.