The Japanese economy seems to be slowly recovering. That doesn't help the bond market. It is possible that the Japanese would find their own market more attractive if interest rates were higher. The danger for global markets is that the Japanese will rush to invest at home, which would force interest rates up worldwide to compensate. But the Japanese economy is a mess.
Interest rates are a long way from rising.
If you want a real bull market, that's what you need. Before that happens, we would have to see more weak economic data, which is certainly possible. Up to now, consumer confidence and spending have generally been pretty robust. Retailers have been stocking up in anticipation of a reasonably good Christmas season. Interest rates and inflation both seem to be under control.