While the world was closely watching if US Treasuries were going to crater after Friday's Moody's downgrade (they didn't, and in fact yields closed near session lows as Moody's didn't tell us something we didn't know for almost two decades), the real bond market collapse was taking place half a world away, in Japan, where moments ago Tokyo just had its ugliest 20 Year JGB auction since 1987.
Despite yields at multi-decade highs, and in the case of the 40Y JGB, at never before seen levels...
