#Japan’s debt-to-#GDP ratio sits at a towering 236%—the highest among major economies—nearly double that of the U.S. and almost triple #China’s. The Bank of Japan now owns over half the JGB market, turning it into a rigged game where yields are fake, risk is mispriced, and institutions are forced to play along. Pension funds, banks, and insurers aren’t buying JGBs for return—they’re just captives of a system that gives them no alternative.