No individuals could do this.
So the only answer is that they are working for the Japanese government or one of the large Japanese banks.
They are certainly trying to dump them on the sly.
So the question is “What do they know that they aren’t telling us?”
Why would the Japanese government or a bank need to smuggle bonds? Couldn't these men have been hired by a drug cartel, for example?
Nonetheless, this is a fascinating story. There just aren't many entities around with that kind of loot. (assuming the $134B figure is accurate)
You’re jumping to conclusions. They are only nominally described as Japanese. Meaning they were either traveling under Japanese passports or declared they were Japanese citizens.
They could be working for anyone, but why they did they get caught? Was the transaction being watched for some time?
...or without paying Italian income taxes. It might also be a case of embezzlement, although the amount is certainly too high for that to be the case. One of those bonds are too much for any individual to spend in a lifetime.
I am guessing that this money is from a large investment fund or a government owned fund.
If it was a government, it would have gone in a diplomatic pouch which would have been immune to search. And a large bank would have been able to get the Japanese government to transport them in the pouch.