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His bottom line is that the country's "shock and awe" monetary policy is going to work, and Japanese leaders are beginning to realize that.
"What they're doing represents 70% of what the Fed is doing here with an economy 1/3 the size of ours," said Bass.
Ultimately he says, with regards to Abenomics, is that country is a Ponzi on top of a Ponzi. He says the country is on "tilt" and he added "You have to be sh**ing me."
The question is when, and that moves to "qualitative aspects," he added. What does that mean?
There's a fatalism, he says, in everyone he talks to in Japan. Their thinking is changing, and the way they talk to him about debt is changing. They already spend 50% of tax revenue on debt service.
"If rates go up, it's game over."