In the wider financial markets, attention is turning to Japanese Government Bonds (JGBs) as 20-year futures have become active. Market commentators note that even investors without access to cash JGBs can now express short views on long-term Japanese debt by selling these futures. The specific instrument is identified by the Bloomberg ticker 'JJA1 Comdty'. The rationale behind this trade involves the disparity between Japan's massive government debt and its artificially low long-term yields. Critics argue that the low yields are a result of the Bank of Japan's ongoing bond-buying programs rather than market reality. Without this intervention, yields would likely be significantly higher to reflect the credit risk. This development provides a tactical avenue for macro traders looking to bet against the sustainability of Japan's yield curve control measures. By shorting the 20-year futures, traders are effectively positioning for a scenario where market forces eventually override central bank capping, leading to a rise in yields.