Two Points About Japan

You never hear about Japanese investment geniuses, and for the longest time you didn't hear much about Japanese stock markets - until Abenomics coincided with (didn't cause) the recent Nikkei rally.

The effect of Japan central bank operations is wild, unpredictable stock market gyrations that have absolutely no effect on the slow decline of the entire JGB yield curve to zero.

It's impossible to predict those gyrations, so someone running a hedge fund with 200% leverage would get ground to dust.