Twenty Nine Percent of Sovereign Debt Now With Negative Yields

This is a staggering number and I have no idea what the long term ramifications are. Twenty nine percent of sovereign debt now has negative yields. That’s about $7 trillion in debt, gents.

Last night Japanese bonds rallied furiously, as their equities cratered by more than 900 points. Astonishingly, up to 10 year durations now have yields less than zero in Japan.