My understanding is that Japanese investors will be slightly less motivated to buy US bonds. Since they are the biggest buyers, this will slightly dampen demand

My understanding is that Japanese investors will be slightly less motivated to buy US bonds. Since they are the biggest buyers, this will slightly dampen demand for US bonds. This I guess could play out a number of different ways--potentially the US has to pay higher interest to borrow. Alternatively if the Fed were to soak up bonds it would drive up inflation. Tough to say exactly what will happen once it interacts with all the moving parts of the global financial system.