Bank of Japan

In the us, bill yields are based on monetary policy. Does that same rule apply in the bank of japan? There is fluctuations and yields that are actually market based. So when we see something like the japanese three month government bond yield suddenly fall further below zero than it had been, it kind of catches your eye. It must be based on some market factor. That either means there's a rush of demand for these bills, or japanese banks are throwing even more money overseas because they're doing more swap trades. Therefore need to clateralize the swaps, which is good as the opposite - yes?

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