US Treasury yields have surged, and the market continues to be volatile.

US Treasury yields have surged again, with 20-year and 30-year Treasuries breaking through 5% again today. The reasons behind this, besides high expectations for the Fed to raise interest rates, are also likely that Japan is selling US Treasuries to obtain US dollars to defend its exchange rate.

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They have often done this before, but doing so seems to have fallen into a vicious cycle. Selling US Treasuries will cause US Treasury yields to rise, thereby widening the US-Japan interest rate differential. This will increase the pressure on yen outflows and depreciation. So we can see that Japan's numerous interventions have had little effect, and the situation is getting worse.

Now it all depends on when expectations for the Fed to raise interest rates can come down. Otherwise, the entire market will inevitably be volatile.

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