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While on yields, keep an eye on three areas of G7 fragility: France, Japan and UK. In Japan, the currency remains under pressure even as 10-year JGB yields flirt with 3.10%, their highest level in three decades. Much like US bond developments rarely stay confined to the US, Japanese bond and currency pressures have spillovers. The longer these conditions persist, the more they risk depriving the US Treasury market of a reliable, long-term buyer. #economy #markets #bonds #yields