They're making lots of noises about how this change wasn't actually to raise rates. Instead, the claim is that it was to "make the bond market work better". Th

They're making lots of noises about how this change wasn't actually to raise rates. Instead, the claim is that it was to "make the bond market work better". That's sort of hilarious, because the way that it "makes the bond market work better" is by making 10-year debt more attractive relative to other bond durations...by raising rates. Japan's government works this way on lots of major decisions. They telegraph the change waaaaaaaay in advance via subtle (but consistent) indirect language, then make a small version of the change while denying the importance of the change, then continue making more change by using the prior change to justify the new change. They love continuity.