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Deutsche Bank pointed out that US treasuries are facing increasingly fierce competition from Japanese government bonds as the rising yields on Japanese bonds make them more attractive to local investors. George Saravelos, the bank's head of foreign exchange research, stated that the recent divergence between US yields and the yen exchange rate is worth watching. He referred to this phenomenon as the "most important market indicator of accelerated US fiscal risk" because it indicates that cautious foreign investors are withdrawing funds from the US treasury market.