One has to wonder if Japan has any monetary independence all along. The Japanese leadership has tagged along the U.S. Japan is the second largest holder of the U.S. treasuries behind China.
The case of Japan should concern us all in that Korea and China was modeled after Japan, adopting the similar interventions.
From Zero Hedge:
There is a possibility that the realm of monetary policy could increasingly merge with that of fiscal policy and national debt management policy. Globally, UBS believes, central banks are edging down monetary policy paths that can be viewed as increasingly backstopping budget deficits as lawmakers of respective governments continue to fail to make progress toward fiscal consolidation. As we have vociferously stated, a progression down this road could lead to many unsavoury outcomes, as fiscal and monetary policies entwine themselves in an increasingly negative dynamic - coining the term “Fonetary-policy” – fiscal policy plus monetary policy.
http://www.zerohedge.com/news/2012-10-26/ubs-erosion-central-bank-independence
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