Market forces have pushed Japanese government bond yields above policy targets. The moves are the biggest test in seven years of yield control in Japan. apan's government bond market is one of the largest in the world, with a total debt value of over $7.9 trillion. However, in recent years, the market has become increasingly illiquid due to a policy known as yield-curve control (YCC) implemented by the Bank of Japan. This policy, which has been in place for the past seven years, aims to ...