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Is The Bank Of Japan Losing Control? JGB Yields Surge Most Since 2003

Japanese government bond yields continue to surge. The last 7 days have seen yields on long-dated JGBs soar at the fastest pace since 2003 - accelerating after the most recent (weakest bid-to-cover in 19 months) bond auction. Following the 18th month in a row of negative YoY real cash earnings (1 short of the record 19 months in a row from 2008/9), Japanese bond yields are surging to their highest since early December.

 

18th month in a row of negative YoY real cash earnings...

 

Sparked an acceleration in the JGB yield surge... post QECB

 

The biggest 7-day surge since 2003... (click image for huge legible version)

 

Is The BoJ losing control?