Raising rates to 1% and watching the yen barely budge tells you everything — the real problem was never the price of money; it was the mountain of debt underneath it. Japan is the world's most indebted major economy, and no rate hike is going to restore confidence in a currency propped up by decades of borrowing. Markets haven't priced that reckoning yet, but when they do, no amount of careful central bank signaling will soften the landing.