UK, Japan, and France: the worst sovereign bonds in the G7.
You wanted more government and higher taxes. You got weaker growth, wider deficits, and a demolished balance sheet.
Debt is not free. The bond market just repriced the bill.
There is no such thing as free public… pic.twitter.com/iqaShZ8IRo
— Daniel Lacalle Official Account (@dlacalle_IA) September 15, 2026
Anyone else see a theme?
US10Y >5%, HIGHEST SINCE 2007
US30Y >5.4%, HIGHEST SINCE 2004
JAPAN 10Y =3%, HIGHEST SINCE 1996
UK10Y >5.4%, HIGHEST SINCE 2007
FRANCE 10Y >4.5%, HIGHEST SINCE 2008
GERMANY 10Y =3.5%, HIGHEST SINCE 2009
— Jim Bianco (@biancoresearch) September 15, 2026
September 15 — UK borrowing costs hit their highest since 2007
UK 10-year gilt yields reached about 5.41% and 30-year yields 5.93%. Investors are also pricing additional Bank of England tightening despite a weak UK labor market.
September 15 — Japan’s 10-year yield hits a 30-year high
Japan’s 10-year government yield reached roughly 3.04%, its highest level in three decades. Japan is especially important because it has one of the world’s largest government-debt burdens and has historically been a huge buyer of overseas bonds.
September 15 — France joins the global bond selloff
French 10-year yields climbed to roughly 4.5%, while Germany and other European markets also moved higher. Reuters reports that France, Japan and the UK are among the markets hitting decade-high yield levels.