Yet a little market malfunction would be a small price to pay for lifting Japan out of deflation. In fact, argue some, the situation is of concern only to bond traders. They are making rather less money than before, says Peter Tasker of Arcus Investment, a fund-management firm. Trading desks could be pared down if volumes fail to rebound, says Ki Cho of PIMCO, a big bond-fund manager. Some European banks have already drastically shrunk their JGB departments.