Less than a week ago, we wrote that "As Yen Crash Accelerates, It Puts Catastrophic End Of MMT Experiment In The Spotlight" a less than cheerful assessment echoed this morning by Bloomberg, which writes that "Japan Starting to Crack as Yen Tumbles With Stocks and Bonds" noting that despite the yen crashing to a 24-year low (for the same reasons we have repeated again and again, namely you can't keep your 10Y yield at 0.25% and avoid a currency collapse in a scorching inflationary environment), Tokyo stocks were down the most since March.

But there was another major development, and one which suggests that days of fiat, and MMT are numbered: with Japanese yields surging, the Bank of Japan today bought more than 1.5 trillion yen of government bonds to defend its yield curve control target as the 10Y JGB rose above 0.25%, the upper end of the BOJ's YCC corridor.