Kyle BassKyle Bass, the hedge fund manager who has become the
most prominent voice in the market betting on a collapse of
Japan's sovereign bond market, was on Bloomberg TV this morning
discussing the trade.  It's known as the "widowmaker" because
Japan's outsized stock of government debt – the largest in the
world as a percentage of GDP – leaves only one conclusion for
many traders.  The market has to blow up eventually, right?
Except it never does.  Bass has been vocal about his call since
2010. Now, against the backdrop of the monetary policy
revolution at the Bank of Japan, which just announced a massive
bond buying program, the "widowmaker" trade is back in the
spotlight.  Bloomberg TV anchors Erik Schatzker and Stephanie
Ruhle pressed Bass to put a timeframe on his call. When exactly
does he think the Japanese government bond market is going to
blow up?  Bass replied that he wasn't naïve enough to think he
could guess when it would happen – but he said that on Friday,
we saw the first signs that such an