With Japanese and Italy 10Y bond yields hitting all-time record lows (0.505% and 2.626% respectively), one could be forgiven for thinking that all-is-well as term or devaluation premia are oddly missing. However, as the following two charts show, Japan and Italy just broke another record – sovereign debt loads (1.038 quadrillion JPY and 2.17 trillion EUR respectively).
Japan – having topped 1 Quadrillion early in the year – is marching ahead…