Japan’s rising yields stir debate over growing repatriation risk

Japanese government bond (JGB) yields near three-decade highs are giving fresh prominence to a long-discussed risk for global investors: the prospect of the nation’s vast pool of overseas capital returning home. While there’s little sign of a rush yet, some money managers say markets are underpricing how quickly that could change as JGBs become increasingly attractive — and how even a modest shift could ripple through the yen and global bond markets.