Lets talk Japan 10y swap been trading wide to 10y JGB since 25bps cap began. Since September 10y swap has been at around 50bps, signaling no one in cash market (denoted by swap) was buying that the 25bps cap would remain. Seem cash market doesn't buy 50bps either. This should not come as a surprise that the cap was raised based on where the 10y swap had been trading and what the cash market was signaling in terms of cap being raised, and not maintaining it's 25bps control nor does it think 50bps would remain either.