Global Bond Turbulence Reflects Japan’s Orderly Exit From Decades of Anomaly

A new explanation for the global ruckus in sovereign bonds is becoming popular: Maybe markets and economies are simply returning to normal. After all, weren’t the preceding years marked by an extraordinarily abnormal constellation of economic circumstances, policy responses and borrowing costs? What’s missing is an acknowledgement that one normalization — the one afoot in Japan — matters much more than the others, because of how extraordinarily far that country’s $4.3 trillion economy had ventur