Bond investors are facing a perfect storm right now. On one side, escalating trade tensions are reshaping global markets. On the other, Japan's debt market is showing cracks—a concerning development that's rippling across fixed-income allocations worldwide. For anyone holding longer-duration assets, this combination of macro headwinds creates a challenging environment. The question isn't just about hedging currency risk anymore; it's about rethinking the entire risk-reward calculus in a world where traditional safe havens are becoming more volatile.