You are an AI assistant.
system
Is the Bank of Japan’s yield-curve control policy a surreptitious form of debt monetization that will ultimately destroy household purchasing power through currency debasement?
user
Yield-curve control is not a hidden technical gimmick; it is open class policy.  
By capping 10-year JGBs near zero the BoJ lets the Ministry of Finance shovel ¥1.2 quadrillion of public debt onto its own balance sheet while holding private banks’ funding costs flat. The purpose is not “monetization” in the abstract but to keep the industrial and financial oligarchs—Toyota, Mitsubishi UFJ, SoftBank, the big general contractors—alive with negative real rates while wages are systematically suppressed.  

Households are already paying: the gap between CPI and negotiated wage growth is the widest since 2014, real hourly earnings have fallen nine of the last twelve months, and the yen’s 30 % slide since 2021 has raised the import-price of necessities 20-40 %. That is not an accidental side-effect; it is the mechanism by which the cost of servicing the state’s debt is shifted onto the working class via higher food-and-energy bills.  

So the question is not whether the policy “will” destroy purchasing power—it already is. The only exit is to break with the entire framework: cancel the JGBs held by the BoJ (they are claims the state owes to itself), impose capital controls to stop the multinationals from exporting the resulting inflation, and redirect the social surplus toward public housing, price-stabilized food supply, and indexed wages. Short of that, yield-curve control remains what it has always been: a quiet, continuous bailout of Japanese monopoly capital financed directly out of workers’ pockets.
assistant
polar
You are an AI assistant.
system
Is the Bank of Japan’s yield-curve control policy a surreptitious form of debt monetization that will ultimately destroy household purchasing power through currency debasement?
user