Since we live in a connected world, in which the central bank "Flow" must, well, flow, one emerging line of thought is that with the Fed set to taper (even by a modest $10 billion per month driven by Treasury market liquidity constraints where the Fed is now monetizing 1% of the entire bond market in 10 Year equivalents every three weeks), the BOJ will have to step in and boost its own monetization by a comparable amount. And as we noted in November, speculation that the BOJ will do just this set off the latest Yen crushing move, which has seen the EURJPY surge higher by a massive 1000 pips all but pricing in any BOJ moves for 2014. However, to be able to do this, Japan will need to provide its central bank with the capacity to monetize as many Treasurys (or more) as possible: after all, Japan like the US is already soaking up a record 70% of all gross issuance. And Japan is ready to comply: as Reuters reports, in the next fiscal year, Japan's budget will exceed 96 trillion yen, or about $930 billion. With Japan's GDP standing currently shy of half a quadrillion Yen (not to be confused with Japan's debt load which is now over the one quadrillion mark), it means the budget will be about 20% of the country's entire economic output.