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The yield on Japan's 10-year government bonds surged to 3.075%, the highest since August 1996. This is not just Japan's issue; it signals the end of the era of cheap global capital. The Bank of Japan just raised rates to 1.25% in September, a 30-year high. With government debt exceeding 250% of GDP, rate hikes directly increase interest payment pressure. But inflation can't be suppressed, and the yen is weak, so hikes are unavoidable.