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BREAKING: Japanese companies are now selling off assets just to survive their own borrowing costs. Japan's 10-year yield hit 3% this week for the first time in three decades, and issuing new yen bonds now costs about 10 times more than it did a decade ago. A Bloomberg survey of 30 major Japanese firms found companies like KDDI and Chugoku Electric are now considering selling strategic shareholdings just to pay down debt. Toyota and Tohoku Electric say refinancing bonds due in the next two years alone could push their annual interest bills up more than 30%. Japanese companies have already sold over $110 billion in dollar and euro bonds this year just to avoid borrowing in yen, making Japan the biggest bond issuer in the entire Asia Pacific region. This is happening alongside a full blown currency crisis. USDJPY has been swinging wildly near the 160 level that already triggered joint US-Japan intervention once, while Japan's entire bond curve, from 2-year to 30-year, is sitting at multi decade highs. Rising yields, a weak yen, and now corporate Japan restructuring its balance sheet all at once. This is what a financial crisis looks like from the inside.