It’s no secret that Japan is in the midst of what is perhaps the greatest (or most terrible, depending on whether you have a penchant for Keynesian madness or not) monetary experiment the world has ever known. With the blessing of PM Shinzo Abe and under the heavy hand of Governor Haruhiko Kuroda, the BoJ is printing enough money to monetize not only the entirety of JGB gross issuance, but also the entire Japanese ETF market, with the latter effort serving to underwrite record highs on the Nikkei.