CIMB Thailand's chief economist warns of escalating US bond yields (30-year hitting 5.28%+) and rising Japanese government bond yields, signaling market skepticism of government debt controls. Rising yields increase business financing costs, housing loan burdens, and asset valuations risks. While a full financial crisis is not imminent without additional triggers (AI capex cuts, unemployment, credit tightening), Thai SME borrowers should prepare for higher interest rates and portfolio diversification is advised as a precaution.