So far, Japanese shares have risen together with a rise in long-term bond yields.

A rise in longer-term bond yields would arguably be seen as doing some of the Fed's tightening work.

That would lead to a rise in bond yields and in turn start to make equities look unattractive. If that happens on Wall Street, it's going to happen here in the UK, it's going to happen in Europe, and everywhere else.

Domestic bond yields have risen sharply and as a result utilities have lost their attractiveness.

The problem with rising short-term bond yields is that they boost the cost of acquiring and servicing credit, and thus they stifle domestic demand.

Banks and utilities are high dividend-yield spaces and they become less attractive as bond yields rise. It's normal in an environment of rising bond yields to see stock markets correct.