The Bank of Japan’s decision to double its 10-year yield ceiling was meant to improve market functioning. So far it’s triggered even heavier intervention from the central bank, threatening to reduce liquidity further in the local bond market. Know more:
The Bank of Japan’s decision to double its 10-year yield ceiling was meant to improve market functioning. So far it’s triggered even heavier intervention from the central bank, threatening to reduce liquidity further in the local bond market.
Wednesday’s move came despite a strong start to the year in global bond markets with Treasuries surging and German bunds rallying on signs of slowing inflation. But the purchases failed to stop the selloff in Japan’s benchmark bond with yields closing 4 basis points higher at 0.45 percent amid concern that Thursday’s auction of a new 10-year note will see weak investor demand.
The BOJ conducted similar purchase operations between December 28 and December 30, buying a total of 2.3 trillion yen of bonds. BOJ Governor Haruhiko Kuroda reiterated on Wednesday that the bank will continue with monetary easing in order to achieve its sustainable price target, speaking at a financial industry event.THURSDAY’S benchmark bond sale may fetch a yield a little higher than 0.5 percent, Keisuke Tsuruta, a bond strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo., wrote in a note. Because the yield is kept lower than the 0.
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