Independent research (macro commentators) thesis that BoJ yield-cap buying is masking a 'shadow' JGB curve — Japan's 30y would be double-digits absent intervention given 240%-of-GDP gross debt — analogized to the ECB's 2020/2022 spread-capping natural experiment. Mechanism: a suppressed term premium is a slow-burn JPY-debasement risk not currently priced; bears on 6J (structural downside) and ZN via the global term-premium/central-bank-communication-regime read-through. Distinct from the near-term BoJ hike-path (boj-jpy-intervention) — this is the fiscal-dominance/yield-suppression leg.