1. The era of overactive BOJ intervention is over. 2. Capital managers buy JGBs on an unhedged basis. 3. CHF is also no longer an EU-specific safe haven strategy. 4. Concerns about a US-Japanese trade war increase. 5. Widen trading band for 10-year yields or shorten the duration of assets purchased. 6. Kuroda starting to engineer the 10-year yield higher. 7. A sharp contraction in China, the greatest macro risk in the region. 8. The political standing of Prime Minister Shinzo Abe. 9. The Bank of Japan made a small cut in its buying of 5-10 year Japanese bonds. 10. The current stance of BoJ to a certain extent hinges on Abe staying in power. 11. A fast rise in the yield could trigger risk aversion, sending the Yen higher. 12. The BoJ is reducing its bond-buying program for the first time since 2016. 13. PM Abe’s Liberal Democratic Party retained the two-thirds majority in Oct’s general election.