Japanese government bonds have recorded historic losses: Japan’s 7 to 10-year bonds are down -32% in US Dollars over the last 7 years, the worst performance among any major bond market. This is followed by Germany’s government bonds, which are down -8% over the same period. Bond prices began to decline in 2021, with losses accelerating in 2022 as inflation surged and major global central banks began hiking rates. Meanwhile, 7 to 10-year US Treasuries are up +13% since November 2018, despite falling in 2021 and 2022. At the same time, China's government bonds are up +35%, as yields declined amid rising deflationary pressures across the economy. Global bond markets are moving in opposite directions.