{"id":145028,"date":"2026-05-15T19:53:57","date_gmt":"2026-05-15T17:53:57","guid":{"rendered":"https:\/\/geab.eu\/veille-crise-obligataire-vers-une-crise-politique-au-japon\/"},"modified":"2026-05-16T16:56:19","modified_gmt":"2026-05-16T14:56:19","slug":"monitoring-the-bond-market-towards-a-political-crisis-in-japan","status":"publish","type":"post","link":"https:\/\/geab.eu\/en\/monitoring-the-bond-market-towards-a-political-crisis-in-japan\/","title":{"rendered":"Monitoring the bond market\u2013 Towards a political crisis in Japan"},"content":{"rendered":"

ANTICIPATION<\/strong><\/span><\/p>\n

If we are correct and Donald Trump\u2019s America is systematically dismantling all the ties paralysing and crushing the United States, preventing it from taking its place as \u2018primus inter <\/em>pares\u2019 in the multipolar global order, there remains one major obstacle to remove: the mutual US-Japan financial dependence.<\/p>\n

As part of the follow-up to our analysis last June regarding an implosion of the global debt system centred on Japan[1]<\/a>, we confirm once again this month the gravity of the situation and the impossibility of resolving it without calling into question Japan\u2019s alignment with Washington.<\/p>\n

Yet the defining feature of the current Takaichi government is that it is adhering more than ever to this course of action[2]<\/a>, thereby exposing the entire region to the risks associated with the deterioration of Sino-Japanese relations on the one hand[3]<\/a>, and the Japanese people themselves to the risks of inflation and impoverishment largely caused by the country\u2019s dependence on the dollar[4]<\/a>.<\/p>\n

Indeed, amidst a rather fascinating relative indifference, the financial crisis of the \u2018world\u2019s banker\u2019 \u2013 Japan \u2013 is progressing. Exacerbated by the war in Iran, the situation is spiralling out of control, as Japan is selling massive amounts of yen to pay energy bills denominated in dollars that have doubled[5]<\/a>, and on the other it is selling massive amounts of dollars to prop up its currency, which is collapsing[6]<\/a> due to the previous point, all of which is exacerbated by speculation, the primary target of the BoJ\u2019s strategy to defend the yen[7]<\/a>.<\/p>\n

In desperation, Japan is asking the United States to come to its rescue and also sell dollars to buy yen, in order to coordinate action designed to send a message to the markets (and speculators) that Japan is not alone and that it is dangerous to bet against the yen[8]<\/a>. Despite his undoubted interest in the stability of the global financial system, Treasury Secretary Scott Bessent does not seem all that willing to accede to Japan\u2019s urgent request.\t\t

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