Several dealers said they had heard the market movements even prompted a large Japanese bank to sell a huge amount of JGBs on Friday, contributing to the temporary drop in prices and spike in yields.
With this supply squeeze in mind, the drop in exports caused by a spike in domestic demand during the Russian cold snap earlier this year may be a more worrying precedent than the political spat with Ukraine.
Consumer-price inflation is widely expected to hit 5% this year (more than twice its official target), though the sharp drop in oil prices may blunt that spike.