For decades, Japan was the bedrock of global low rates. Now that bedrock is cracking and the tremors are not staying local. Japan’s 10-year government bond yield has climbed to around 2.47%, levels not seen since the mid-1990s. It is a 30-year high dressed up as a data point, but what it actually signals is something more structural. The quiet end of Japan’s role as the world’s low-yield anchor. For traders and investors priced for a world where Japanese rates stay near zero, this is a story worth taking seriously. [...]