The BOJ has lifted the stock market using ETFs. All this market pumping has morphed into a program that seems akin to fraud based on doing "whatever it takes" to give the appearance their economy is moving forward.
Currently, the BOJ's estimated aggregate ETF balance totals around 250 billion dollars. In some ways, the actions of Japan's central bank could be considered nothing more than a new model of "stealth nationalization."
Recent data shows overseas investors dumped the most Japanese stocks in 31 years in the fiscal year ended Sunday. Official market data shows these market participants unloaded about $50 billion worth of shares on a net basis. this was the second straight year of net selling and the highest sell-off since 1987. The article below argues this is a path filled with moral hazard.