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By Tim Seymour

It's hard to feel good about the level of movement we have seen in Japan relative to itself. Sure, we've only seen a 25-basis-point move in the Japanese 10-year JGBs (Japanese government bonds), but this is from 0.60% yield to 0.85% yield and it happened in three days. This is a 40% move higher in yields for people who are investing in JGBs and for a government that is funding these instruments. What does it tell you about appetite for the world's second-largest bond market?

The economics will be very dangerous if they can't keep yields down. Japanese (NYSEARCA:EWJ) corporates are complaining about the import costs of their manufacturing. Fujitsu (OTC:FJTSF) and Canon (NYSE:CAJ) were on the tape talking about the impact of the weaker yen (NYSEARCA:FXY) on their profitability. There is no free lunch, so it's time to squirrel away your snacks.