What is ironic, is that Japan does not actually have high core inflation; it does however have soaring rice prices which have skewed inflation expectations across the population as rice is a huge component of the overall CPI basket. Meanwhile the BOJ is scrambling to contain inflation - which has tumbled ex good with real wages near record lows - and is tightening conditions by raising rates even though it has zero control over food inflation. However, as a by product of its monetary policies and strong yen, the bond market is crashing every day now, and very soon this bond crash will spread to Japan's banks and global markets, sparking a global crisis. TL/DR: Japan will unleash the next financial crash because the Japanese are now poor farmers.