Plenty of investors and commentators have lost money (or face) during the past decade by predicting that Japanese bond yields would rise sharply.

在过去十年里，很多投资者和评论家由于预测日本债券收益率将急剧上升，丢失了金钱（或脸面）。

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When bond prices fall, yield rises, because the interest rate of a bond is a fixed percentage of the bond's face value.

当债券价格下跌，收益将增加，因为债券的利率与债券票面价值的比例固定。

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If they rise above 5%, your bond can still be sold but usually at less than face value.

如果利率超过了5%，你的债券虽然仍可以出售，不过价格通常要低于票面价值了。

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Debtor companies also face bond covenants restricting their activities to ensure that they can continue to service their debts.

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In the bond market investors face the unpleasant inability to make profits on U.S. Treasuries or investment grade corporate bonds.

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The dilemma Swanson and emerging market bond fund managers face is fear.

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