But from a bond market analyst's perspective, fears of a broader contagion are overblown.
Aside from the Treasury bond market, fixed-income investors are scared out of their skulls.
There aren't any easy ways to get income when the bond market is this stingy.
To be sure, warnings of a collapse have been a fixture of Japan's bond market.
Further, Soviet entry into the international bond market should also be brought to a halt.
Similarly, not long ago many bond market gurus were predicting the end of high bond prices.
Yet the fact remains: In late 1989 and 1990 the junk bond market was in panic.
Investor demand is not the only reason the bond market has appreciated to this level.
Vanguard Total Bond Market shares are currently trading off about 0.2% on the day.
But it should create opportunities in the high grade corporate bond market in the meantime.
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You get these peregrinations, even despite the recent modest unpleasantness in the municipal bond market.
It is the fear of additional QE that has really spooked the bond market.
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For better or worse, there are other dynamics at work in the bond market.
Index funds are even cheaper, but most weight countries by bond market size, favoring heavy debtors.
One of the best ways to judge risk appetite is in the bond market.
In that context, the risk of a bond market collapse akin to 1994 is not immaterial.
More important is the role that Japanese banks are playing in propping up the bond market.
There is unmet demand for long-dated paper, says the Bond Market Association, an industry body.
Indeed favorable bond market reaction to Draghi's OMT program will, paradoxically, delay its launch.
The bond market, as of now, judges the U.S. government good for its debts.
"There's not a lot more room in the bond market for appreciation, " Saperstein says.
Considerable media attention has been given to the municipal bond market in recent weeks.
Part of their concern is tied to the explosion in the high-risk or junk bond market.
And so we just tell them that 2008 was a liquidity return in the bond market.
Risks in the Municipal Bond Market: Follow the Signs originally appeared in the Daily Reckoning.
The trade is still miniscule compared to the more liquid U.S. government bond market.
Like the bond market of late, dividend stocks have taken on a new respect.
If the bond market collapses suddenly, as in 1931, then this ratio will spike higher.
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Some believe it will take more than that for the bond market to take off.
The thought that it might act decisively spooked the bond market a little in January.
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