Japan's 10-year government bond yield just hit 2.18%—its highest level since 1999. Here's what caught my attention: a push toward 3% isn't just possible, it's likely. And when that happens, Japan faces a real squeeze. To manage its debt servicing, they'd need to liquidate U.S. Treasuries. That's not just a local problem anymore. Once the selloff begins, you're looking at potential currency instability and broader sovereign debt pressures across major economies. The dollar gets dragged into the mix. It's the kind of scenario that rewrites market dynamics fast. If you're thinking about portfolio hedges and alternative stores of value, this matters. Gold starts looking different when sovereign debt concerns hit critical mass.