ALERT: Demand for short-term Japanese government debt is COLLAPSING as investors brace for further BOJ tightening. The 2-year JGB auction’s bid-to-cover ratio plunged to 2.97 from 3.63, marking the weakest demand since September 2025. Rising Japanese yields could strengthen the yen and accelerate the unwinding of yen-funded carry trades, increasing volatility across stocks and crypto.