The Risk of Japan's Expansion in the Financial Markets

I think most participants in the financial markets have been aware that this risk was there as long as there was an inflationary pressure on Japan. I've traveled Asia quite a few times in my banking career selling bonds, especially Scandinavian bonds. And Japanese investors are extremely simple. They want a carry post-fx-hatching costs on top of their local bond market. This decision will not alter that picture at all. It will make it slightly worse, but it will not alter the picture.