Thanks to Will for passing this along.
Going back and reviewing an investor letter from Kyle Bass dated November 30, 2011, Bass wrote “We believe that Japan would have a bond crisis of its own within the next two years without the current European debt crisis. The European debt crisis will simply act as an accelerant to the Japanese situation as it will most likely change the qualitative thoughts of JGB investors. We believe that this sequence of events is set to begin in the next few months (beginning with defaults in Europe).”
So maybe central bank intervention delayed the “next few months” part, but it appears their thesis (of which there is more detail HERE) remains intact.