The bond market in Japan is no longer running crazy. That’s a lie - it still is but, on a much calmer foot as traders eased unprecedented intervention by the National Bank of Japan. The help from the bank tanked benchmark yields below the ceiling.

Ten years pushed higher to 0.23% yesterday after the 10.9 Trillion Yen ($81 Billion) bond purchase made by the Bank of Japan last week. The banked pushed for more bond buying as yields breached the tolerated limit amid a global debt selloff.

The calm however is being rumored to be strictly temporary.

“If the yen weakens further as a sell-off in foreign bonds resumes, it would not be surprising were the yen rates market to start testing the BOJ again.”

Tomohisa Fujiki wrote.

The implied volatility for 10-year JGBs was settled after rising to the highest points since the 2008 financial debacle. The Bank of Japan said that the bond buying will continue for some time.

“Since the JGB market volatility has been initiated by the global reaction to US CPI and the Federal Reserve’s tightening, the structure keeping it unstable remains quite intact. Even as the BOJ steps up efforts to defend its turf, the structure behind the challenges remains the same.”

Mari Iwashita, the chief market economist at Daiwa Securities, said.

Many Japanese banking officials are saying that to even have a smooth exit of bond purchasing, close cooperation between the government and the finance ministry is essential.