At the end of January, when the world was looking at the World Economic Forum in the Swiss mountain village of Davos, Stefan Rittner was sitting in front of his financial terminal in Tokyo and was taken aback. One look at the numbers, then another. The yields on Japanese government bonds with a maturity of 30 or 40 years are suddenly rising too quickly, too much. Eight times more intense than on a normal trading day. “That was really very unusual,” says Rittner. He works in the Japanese capital for the German fund company Allianz Global Investors. While Germany is just waking up, Rittner is already dealing with the consequences.