In what may be the most underreported financial event of the year, Japanese government bond yields just keep falling, and falling and falling. As unbelievable as it sounds, yields have fallen by 20bps, or 27.4%, since the beginning of the year to just 52bps currently. The trade to short the Japanese government bond market has traditionally been called “The Widowmaker” and one only need look at the chart below to know why. One of these years the trade will work, but not so far in 2014…