Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade

The "Sell America" trade and rising bond yields are discussed with Manny Roman, CEO of PIMCO. The conversation explores whether geopolitical risks or the Japan selloff are bigger factors influencing bond yields, with Roman suggesting the market's reaction has been modest. He notes fixed income offers attractive returns compared to the expensive S&P 500. Japan's efforts to restart inflation, activism in its stock market, and competitive edge in AI robotics are examined, while concerns about debt sustainability are weighed against household savings. Roman shares his experience with wealth taxes, pointing out potential issues. The conversation shifts to AI's impact on credit markets, PIMCO's involvement in data center financing, and the firm's strategic focus on Asia.