If people decide to believe incorrect information about Japan's "carry trade blowing up" and that it will blow up the US treasury market/mortgage market, then this is simply another uninformed market participant This is part of how markets work Social media is about attention, markets are about flows of capital, you extract premiums from JGB yields are rising and US yields are falling. Theyre diverging because inflation risk is dropping in the US vs Japan on a 2-month basis.