As mentioned yesterday here, bond bears are quietly plotting their move against the BOJ again and today we are seeing 10-year JGB yields climb higher to 0.46%. The Japanese central bank might have doubled down on its yield curve control policy last week but traders seem to be eyeing the bigger picture still.

Kuroda & co. might still reaffirm that they are not yet looking to move away from their ultra easy policy but just about everyone and anyone is pinning the central bank to begin pivoting around the summer or right after.

It looks like the BOJ will have their work cut out for them until then.