New Delhi, May 21 -- The global bond markets are undergoing dramatic changes, with both Japanese government bond yields and US Treasury yields rising notably.

Yields on long-dated Japanese government bonds rose to new records on Wednesday while US Treasury yields have stayed elevated, with the yield on 30-year Treasury bonds hitting 5%, according to a Reuters report.

Analysts are seeing this as a warning sign for the western bond markets. Deepak Shenoy, CEO of Capitalmind posted on social media platform X on May 20: There is actually something horrible happening to debt markets around the world (India's been ok though) with yields rising. The problem child will be Japan.

While dynamics in each country differ, the underlying factors rem...