Good luck with that since they are still selling US Treasuries hand over fist-last nights weakening in the Yen is already gone-cap#2

Funds Plan Relentless Pressure on BOJ as They Eye Full Surrender

Global funds will pressure the Bank of Japan until it capitulates and tightens policy, after the central bank disappointed bond bears by refusing to lift its ceiling on sovereign yields.

UBS Asset Management and Schroders Plc are sticking with bets Japanese government bond yields will rise on the expectation the BOJ will eventually stop capping the 10-year benchmark at 0.5%, even after it kept the so-called curve control policy unchanged Wednesday. Torica Capital Pty also expects the central bank to fall in line and shift toward the global trend of raising rates. “We see no reason to square up shorts,” said Tom Nash, a money manager at UBS in Sydney, referring to his reluctance to close out bearish bets on Japanese bonds. “The yield-curve-control policy is not consistent with the current economic and political landscape and will need to be dismantled.” (you don't have a printing press…they do and about $1T (less by now) of US Treasuries to use…do you?-this is just trying to get others to "go along for the ride" since some ANALyst is "right"-they aren't wrong but you will never be right when you are up against a printing press)

It’s been a long game for those betting against the BOJ’s policy stance as Governor Haruhiko Kuroda’s determination to stand pat for years left investors nursing heavy losses. While some of the wagers finally paid off in December when the central bank tweaked policy and yields rose, market players are now confronted with the tricky task of trying to gauge the timing of the next move. Kuroda and his BOJ colleagues kept their main policy settings unchanged Wednesday, leaving the key interest rate at minus 0.1% and the target for 10-year yields under the curve-control program around 0%. The decision surprised investors who were positioning for a change and sparked the biggest rally in Japanese bonds in a decade. The central bank also deployed a measure that some said could almost be taken as a doubling down on the easing stance: policy makers will decide on the interest rate for certain loans to commercial banks. Until now, these loans have essentially provided free money to banks for up to 10 years that they can use to buy bonds, thereby helping the BOJ keep yields down. Bowing to market pressure would “erode their credibility at a time they need it the most,” said Omar Slim, co-head of Asia ex-Japan fixed income at PineBridge Investments in Singapore. “The mother of all pivots is under way, but it will come in phases.” The BOJ is the last central bank with negative rates and yield-curve control, which makes it vulnerable to macro funds looking for the next big trade.

Some funds say pressure on the BOJ will intensify as market functionality deteriorates. (in fact they have doubled down..so again Rotsa Ruck)

https://www.bnnbloomberg.ca/funds-plan-relentless-pressure-on-boj-as-they-eye-full-surrender-1.1871944

Global Bond Sales Surge to Record Start of Year at $586 Billion

The best start to a year for bond returns is helping fuel an unprecedented debt-sale bonanza by governments and companies around the world of more than half a trillion dollars. From European banks to Asian corporates and developing-nation sovereigns, virtually every corner of the new issue market is booming, thanks in part to a rally that’s seen global bonds of all stripes surge 4.1% to start the year, the best performance in data stretching back to 1999.

https://www.bnnbloomberg.ca/global-bond-sales-surge-to-record-start-of-year-at-586-billion-1.1871996

https://www.marketwatch.com/investing/currency/usdjpy

https://tradingeconomics.com/japan/government-bond-yield

Wall Street Dealers Become Bit Players in US Bond Sales

https://www.bloomberg.com/news/articles/2023-01-17/wall-street-dealers-are-becoming-bit-players-in-us-bond-sales