It is not an early Christmas present from the Bank of Japan.

But it is a farewell gift from Governor Haruhiko Kuroda to his unknown successor, who will be in charge of the central bank from April.

The Bank of Japan breathed fresh air into the bond market on Tuesday by widening the allowable interest rate spread around the target of zero interest rates on ten-year government bonds.

At the same time, the central bank gave itself more leeway to continue defying the global rate hike cycle with its expansive monetary policy.

That will make it easier for Kuroda's successor and will buy him time when speculation about a monetary policy turnaround in Japan also blossoms with the change in personnel.

Kuroda himself downplayed the adjustment as a minor technical fix.

But that is only a beautiful appearance.

In truth, it shows how much the bank is reaching its limits to control interest rates from minus 0.1 percent on the short end to zero percent on the long end with more and more purchases of government bonds.

The bank, which already holds more than half of Japan's national debt, is strangling private trading in the bond market.

It is damaging the solid business of banks and insurers and also the health of the Japanese financial market.

The government in Tokyo is at least toying with the idea of ​​adjusting the two percent inflation target agreed a decade ago.

Ideally, this would mean that the central bank would more easily exit excessive monetary easing in 2023 under new leadership.

However, it can be assumed that the heavily indebted government has become too accustomed to the apparent paradise of zero interest rates to accept turning away from the monetary tsunami.

Japan's government and central bank work too well together to ensure that fiscal policy is sustainable over the long term.

It is no coincidence that the bank is expanding the scope of its bond purchases as soon as the government has approved a new stimulus package.

The damage has the Japanese citizen.