Recent turbulence in Japanese bond markets combined with a significant US Treasury selloff has sent borrowing costs surging. The ripple effect is already hitting borrowers across Asia—at least one major institution has decided to postpone its fundraising plans in response. It's a stark reminder of how interconnected global credit markets really are. When volatility spikes in traditional fixed income, it doesn't stay siloed. The pressure cascades into broader credit conditions, making capital more expensive and harder to secure. For anyone watching credit market dynamics, this is a moment worth paying attention to.