Japan's 10-year government bond yield has surged to 1.84%, reaching a level not seen since April 2008. Market observers have highlighted the severity of the move, describing the chart patterns as concerning. This spike represents a significant milestone in the Japanese bond market's recent history and is being closely watched as a potential indicator of shifting global liquidity conditions. [Update 1] New data indicates that prediction markets are currently pricing in an 83% chance of a 25 basis point rate cut by the Federal Reserve in December. This highlights a growing divergence in monetary expectations, with Japanese yields rising to multi-year highs while US rate cut expectations solidify.