Buying of yen-denominated gold at the nation’s largest dealer has driven the price of the yellow metal above the ¥10,000 per gramme level for the first time.

A gold-buying frenzy in hyperinflating banana-republic basket cases such as Venezuela, Zimbabwe, Argentina or Turkey makes sense; one can also imagine Indians and Chinese liquidating rushing to buy the precious metal, as they periodically do (for other, not less relevant, reasons). But Japan?

That’s right: the otherwise quiet (and rapidly aging) population of Japan has found a new infatuation with gold, and it has the relentless money-printing juggernaut that is the BOJ to thank for it.