Veteran fears 'beginning of the end' for Japan as bond market buckles

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Richard Koo from Nomura, an expert on Japan's Lost Decade, said the sell-off in recent days has shown that the BoJ may not be able to hold down yields "no matter how many bonds it buys". This could lead to a "loss of faith in the Japanese government" and the "beginning of the end" for its economy, if handled badly.

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Mr Koo said the BoJ has undermined the "market structure" that has kept Japan's bond market stable for 20 years, and invited an attack by short sellers.