The Long End Breaks Free
Category: Macro & Portfolio Strategy
Published:
Rising yields across the U.S., Europe, and Japan are no longer a cyclical footnote — they reflect a structural repricing of sovereign supply, term premium, and central-bank retreat that changes the rules for every major asset class.
Read the full Icarus Asia research note at https://icarusasia.com/research/long-end-breaks-free.
Related research
- AI's Inflationary Footprint Arrives First — Kevin Warsh's case for lower rates rests on a productivity story that hasn't materialized — and new evidence suggests the AI buildout is already pushing prices higher.
- Afraid to Ask: Why AI Underperforms in Silent Workplaces — Enterprises spent record sums on AI in 2025. Most have little to show for it. The bottleneck is not the technology — it is whether employees feel safe enough to actually use it. Inside the adoption-impact gap and the six leadership moves that close it.
- Japan's Managed Decline: The Yen Toolkit in 2026 — The Ministry of Finance spent a record ¥11.7 trillion buying yen in April and May. The Bank of Japan couldn't raise rates fast enough to matter — so the MoF bought time. Inside the non-rate toolkit and what it means for USD/JPY positioning.
By Icarus Asia — independent strategic advisory and market research on Asian markets.