What’s more, the growing gap between interest rates in Japan and elsewhere was pushing down the yen’s value, piling even more stress on the country’s highly import-dependent economy. That made some analysts speculate that the Bank of Japan would soon be forced to raise interest rates.Which brings us up to December, when Mr. Kuroda suddenly announced that the bank would double the ceiling on 10-year bond yields, allowing them to fluctuate between plus and minus 0.5 percent, and effectively raising interest rates.To many investors, the decision seemed like the first tentative step toward even bigger rate increases. As bond yields have jumped, the bank has had to spend heavily to defend its ra …
