Post-Thanksgiving trading kicked off with bond markets under pressure worldwide. The selloff originated in Japanese debt markets and quickly rippled across global treasuries, dragging U.S. bonds lower in the process. Asian session weakness set the tone, with traders watching whether this contagion effect would extend into other asset classes. The synchronized move highlights how interconnected fixed-income markets remain, especially when major players like Japan experience volatility. Risk-off sentiment appeared muted initially, but the cross-border transmission of selling pressure suggests underlying nervousness about rate trajectories and macro positioning heading into year-end.