The Globe and Mail reports in its Wednesday edition that U.S. President Donald Trump's threats to Greenland and a massive sell-off in Japanese government bonds shattered global market calm on Tuesday, sending stock markets sharply lower. The Globe's Andrew Galbraith and Mark Rendell write that geopolitical uncertainty mixed with investor concern about the sustainability of Japanese government debt caused Japanese bond yields to soar, rippling out through global markets. Rising geopolitical tensions could affect global bond markets at a structural level, said Ian Pollick at CIBC. The more tensions rise between countries, the more likely they are to spend money on their domestic economies, including on the military, rather than spending and investing abroad. "Countries that rely on global savings to fund external deficits, like the United States, will need to have higher rates to re-attract lost marginal dollars of capital," Mr. Pollick said in a statement to The Globe. "If markets believe that there is a higher risk of economic autonomy, away from the United States and more inward, it redirects the global flow-of-funds," he added. "All of this means that the level of real and nominal interest rates are too low."