Don’t just scroll past this news as ordinary macro information.

An analyst has thrown out a shocking view:

The Japanese government bond market—the one that used to be the world’s most boring and stable asset pool—
is turning into a volatile powder keg.
The proportion of foreign holdings has soared from 12% fifteen years ago to 65% now.

What does that mean?

The “last ballast” in the global financial system is starting to drift.

This isn’t just Japan’s problem.
It means:

• The logic of global interest rate pricing needs to be rewritten
• The assumption of bond market stability is being overturned
• The anchor for risk appetite is loosening
• The transmission paths of liquidity are changing

Everyone’s watching the Fed’s every move,
but the real seismic zone is actually in Tokyo.

# How Did Japanese Government Bonds Become the World’s Risk Exporter?

Three facts are clear:

**① Foreign investors have become the main players**

That 12% in the past has now become 65%.
Two-thirds of trading volume is driven by overseas funds.

The “stability myth” of Japanese bonds isn’t supported by domestic investors’ faith,
but is a mirage built by hot short-term money.

What are the characteristics of this money?
Quick in and out, high-frequency turnover, and it flees at the slightest sign of trouble.

How is that stable?
It’s clearly a ticking time bomb buried in deep water.

**② The central bank is no longer backstopping—no more safety net**

What the Bank of Japan has done over the past decade:
Unlimited bond purchases, locking in yields, acting as the buyer of last resort.

Global capital treated Japanese bonds as