Global long-term bond yields continue to soar. Last week (May 19 to 23), U.S. and Japanese bonds faced issues consecutively, with the 20-year Japanese and U.S. bond auctions both encountering cool responses, causing long-term bond yields in the U.S. and Japan to continuously hit new highs. Multiple institutions warn that the long-term bond markets in developed countries are facing vulnerabilities, with bond supply increasing while buyers are decreasing. This situation is unlikely to improve rapidly in the short term, thus long-term government bond yields may continue to surge. (Securities Times)