The Bank of Japan bought only in January 13 trillion Yen worth of JGBs (jap. gov. bonds) to defend its pegged yield curve. Markets are speculating against the bank's ability to maintain the 0.5% interest ceiling.

The loss of confidence in fiscal and monetary institutions will hit these markets at one point like a tsunami. Recent spikes in Gold and Bitcoin are a first hint of what is coming down the pike. Volatility will be moving from abstract markets to real life.