In a repeat of what we said in our market wrap this morning, namely that the market's attention is transfixed on two things: long bond-yields (specifically if curve steepening will continue), and what the BOJ may or may not do, the WSJ writes that "speculation continued around the Bank of Japan, following a Nikkei report that the Japanese central bank will consider cutting interest rates further into negative territory."  

The WSJ then writes that despite the recent spike in long-dated yield, "some investors expect government bond yields to resume their downward trend as the European Central Bank and Bank of Japan remain on an easing path. "Without growth or inflation, the gravitational pull is lower in yields and tighter in spreads," said Bob Michele, global head of fixed income at J.P. Morgan Asset Management."

He is probably right, however it is the confusion and chaos unleashed by central banks, first and foremost the BOJ, that led to his next statement:  

Still, he said, "in the 35 years I've worked, this is the most uncomfortable I've felt investing in the market."