They may not be able push back too strongly against yen bulls, though not entirely their fault. The lack of consistency from other Japanese officials is arguably to blame but we'll leave that to another discussion. For now, they can at least take in some comfort that 10-year JGB yields are no longer hammering the ceiling of their 0.50% limit.
I guess when you own nearly the entire market, it is easier to send a stronger message. However, it might just only be a matter of time before the bond bears come knocking again - especially if the signs (like this one today) continue to push the BOJ into a policy pivot but perhaps not before Kuroda's departure.
