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The Japanese Bond Market Is Dry, Right?
In the United States, we have something that's called the move index. It just it shows the volatility of our bonds. And as that number gets higher, it's worse. In Japan, you can see this spike up to two and a half times - almost three times what it normally is. The liquidity in the Japanese bond market is completely dry. They own over 50%. Clearly, they're the marginal buyer. So it's like FTX owning all their FTT tokens.