Japan’s bond market has been shaken by a dramatic increase in interest rates, according to BlockBeats data. 30-year government bonds have surged an astonishing 100 basis points over the past 45 days, reaching a record high of 3.20%. This surge directly impacted ‘safe’ 40-year Japanese government bonds, which experienced a significant decline in value, with more than $500 billion worth falling by over 20% within just six weeks. Two years ago, this same bond yielded roughly 1.3%, but now stands at an alarming 3.5%. Analysts attribute this rapid rise to the Bank of Japan’s recent abandonment of its long-standing bond-buying program, which has led to a surplus of bonds in circulation and consequently increased yields. Adding fuel to the fire is Japan’s Prime Minister’s warning that the country’s economic situation is significantly worse than Greece’s – with concerns about slowing growth and mounting uncertainty adding further pressure on Japanese bond yields, posing substantial challenges for the nation’s economy.