People often say what you said also. The problem is that it doesn't work like that. "The Bank of Japan can maintain yields on JGBs at whatever level it chooses

People often say what you said also. The problem is that it doesn't work like that. "The Bank of Japan can maintain yields on JGBs at whatever level it chooses, at whatever maturity range it targets, and for as long as it likes. The bond market investors are incidental to that capacity and are supplicants rather than drivers." from http://bilbo.economicoutlook.net/blog/?p=34830 http://bilbo.economicoutlook.net/blog/?p=34830