InterviewJapan's credit not at risk, but government must be careful about spending: MasanaoTomoya Masanao, cohead of Pimco Japan, thinks that friction between the Bank of Japan and the government could emerge. (Photo by Genki Ikuta)GENKI IKUTA and YOSHINARU SAKABEJuly 9, 2026 05:22 JSTTOKYO -- With Japanese government bond yields climbing to historically high levels, major institutional investors are repositioning themselves in the market.