As of 2021, nominal bond yields and cash rates across the US, Europe, and Japan were at or near historic lows — with EUR and JPN in negative territory. This is the terminal condition of a long-term bond bull market. With rates near zero, the asymmetry is one-sided: bonds can barely return more than cash (yields can barely fall further) but carry significant loss risk if inflation or risk premiums rise. This condition historically precedes either financial repression (rates held below inflation) or a disruptive repricing.