► Subscribe to the Financial Times on YouTube: http://bit.ly/FTimeSubs<br /><br />Government borrowing costs in developed countries continue to fall with Japan’s five-year bond yields hitting zero. Three gluts are behind these low yields, as Morgan Stanley’s Joachim Fels explains to capital markets editor Ralph Atkins.<br /><br />► FT Markets: http://bit.ly/1J5HNd3<br /> <br />► FT Global Economy: http://bit.ly/1J5mmqH<br /><br />For more video content from the Financial Times, visit http://www.FT.com/video<br /><br />Twitter https://twitter.com/ftvideo<br />Facebook https://www.facebook.com/financialtimes
