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Bank of Japan finally gets some inflation, and headaches too

Everyone sure to get hurt if bond yields keep rising

| Japan
Bank of Japan Gov. Haruhiko Kuroda attends a press conference on Jan. 18: if Kuroda were to expand a balance sheet, the bond vigilantes will push back.   © Kyodo

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

If Bank of Japan Gov. Haruhiko Kuroda thought fighting deflation was hard, wait until he confronts the bond vigilantes.

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