Quote of the Day: JGB market is dead

The JGB market is dead with only the BOJ driving bond prices...These low yields are responsible for the lack of fiscal reform in the face of Japan’s worsening finances. Policy makers think they can keep borrowing without problems. 

This is from Tetsuya Miura, the chief bond strategist at Tokyo-based Mizuho, one of the 23 primary dealers obliged to bid at government auctions as quoted by a Bloomberg article. 

Japan's political class have come to the belief that central bank's 'free lunches' are elixirs that lasts forever.