The Globe and Mail reports in its Friday edition that a rise in Japanese government bond yields and the related shifting makeup of foreign holders of U.S. government debt could have a far-reaching impact with implications for Canadian investors. The Globe's Andrew Galbraith writes that for decades, low interest rates in Japan forced Japanese insurers and pensions to look overseas for higher-yielding assets -- mostly U.S. Treasury securities -- to match their long-term liabilities. Now, lifted by expectations of Japanese economic growth and the return of inflation after decades of stagnation, as well as concerns over rising public debt levels, yields on Japan's government bonds are increasingly attractive for long-term investors. Higher benchmark bond rates could highlight the advantages of Canadian stocks. The rise in yields could weigh on highly leveraged sectors such as tech, utilities, REITs and the telcos. That could benefit some Canadian stocks. "If you look at the index composition of the TSX versus the S&P 500, we definitely have more of that winner's bucket -- the financials, energy and materials -- and less of the REITs, utilities and specifically technology and communication," said CIBC's Craig Jerusalim.