30-year yield of Japanese Government Bonds exploded by 30 basis points today and by 42 basis points over the past two days, to 3.91%, the highest since the bond was introduced in 1999. China's leader Xi Jinping is not.

Construction Spending Down 1.0% Year-over-year CalculatedRisk by Bill McBride Jan 22, 2026 3 1 Share Architecture Billings Index in Contraction for 36 of last 39 months. The World Economic Forum chose “A Spirit of Dialogue” as the theme for this years meeting in Davos. To secure participation, the organization agreed to avoid “woke” topics such as the energy transition, preventing any meaningful exchange on the urgent need for climate action. The silence on climate change is as cynical as it is unsurprising, says Hippolyte Fofack. The WEF chose convenience over security and long-term sustainability by allowing Trump to set terms of the debate. Continued reliance on fossil fuels has repercussions for everyone else. US President Donald Trump is betting that aggressive fiscal stimulus, deregulation, and looser monetary policy can deliver rapid growth without rekindling inflation. Anne-Marie Slaughter identifies core principles to guide new coalitions of the willing. 30-year yield of Japanese Government Bonds (JGBs) exploded by 30 basis points today and by 42 basis points over the past two days, to 3.91%, the highest since the bond was introduced in 1999. Prime Minister Sanae Takaichi called for increased government spending with simultaneous tax cuts. The yield spike began on Friday but the Ten Year bond has been price consolidating for 5 weeks before exploding higher. A secular bear market in bonds has begun, says Wolf Richter. Japans 256% debt level a bit illusory? If half is owned by the central bank, hasnt that half been monetized and extinguished from a practical standpoint? Average real 10 year yield is 1.7% - the current real yield is about 1.5%. Average inflation over that same time period is 3%. Japan has elected a populist leader and its not going to end well. Sanae Takaichi threatens to undo all the good work. Unemployment Insurance drops to Lowest since Sept. 2024, Layoffs are Low, Show No Signs of Weak Labor Market. Core Capital Goods Orders surge is a sign of strong business investment. DOGE was only “somewhat successful” and that he “wouldnt do it again” “Eliminating waste is maybe a good idea, if you do it right,” (Atkinson) says. “In Russ Voughts world, spending money is the worst thing the government can do,’ says Atkinson. Science has given us the ability to save lives and take away all our lives. Science renaissance during the Cold War because a wealthy super power could easily support it. DEI can be described as the wonder-making spawn of biz schools and hr.r. schools. It is a private program that mainly became one more way that personnel departments could mess with things. Xi is not an organization-builder, like Mao, Lenin, Elon Musk, etc. He is a guy who rises through the ranks of a big existing power structure by being very good at patronage, backstabbing, and various other power games. At 72, Xi is already several years older than Joseph Stalin was when he descended into terminal paranoia. Chinese leaders are more careful planners and long-term thinkers than U.S. leaders, says Julian Zelizer. Zelizer says this stereotype is just the perennial rosy view. China has had a period of sustained rapid growth such as the world has never seen, writes Julian Zelizer. Zelizer: Chinas Cultural Revolution traumatized Chinese people so much that they sought stability at any cost in decades that followed. China allowed its economy to become dominated by real estate, reducing long-term productivity growth as it dealt with every economic shock by hurling more money at the property sector. Now Xi Jinpings sudden course-reversal and attempts to deal with this problem are causing chaos. Pending home sales plunged by 9.3% seasonally adjusted from November, to the lowest level for any December on record. Midwest Sees Worst Sales on Record, Northeast 2nd Worst. Pending home sales fell by 4.0% in December, down from 4.9% in the South. Compared to the Decembers of prior years: 2024: -3.6% (year-over-year) 2023: -4.7% 2022: -6.5% 2021:-36.6%. 2019:-33.9%.