The last few days have seen a synchronised increase in government bond yields across major advanced economies. At one point, Japan’s 30-year yield hit a record high, and UK 30-year gilt yields (5.75%) hit their highest since 1998. This is the latest in several bouts of bond market turbulence over the course of this year. The triggers have varied, but higher yields reflect several underlying factors.
Principally, markets appear to be concerned about the public finances of big advanced economies, most of whom are ru
