Though there haven't been any signs of bank runs, the risk is that a bigger economic panic could scare Italians into putting their money elsewhere.

If the BoJ has a plan to boost economic growth and exorcise deflation while avoiding a debt panic, it is clearly not yet ready to share it.

Just consider the diverse economic backdrops that have caused its price to spike over the years: stagflation, financial panic, speculative mania and currency debasement.