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The Bank of Japan (BOJ) unexpectedly stepped into the bond market to curb the pace of gains in sovereign yields, just a day after announcing it was loosening its grip on yield curve control (YCC). The BOJ conducted an unscheduled bond purchase program, offering to buy 100 billion yen ($661.1 million) of bonds with maturities of 3 to 5 years and 300 billion yen of bonds with maturities of 5 to 10 years. This move comes as the BOJ takes a slow path out of its zero-rate limbo, which some believe is justified due to low inflation and may give Japan an edge. The BOJ's policy shift is expected to reshape capital flows as Japan becomes a net international creditor.
The Bank of Japan has in effect scrapped its policy of placing a hard cap on bond yields. How does this affect investors, and does it spell an end to the world's last negative interest rates? Read our explainer: https://t.co/wbN5byaH7b https://t.co/KLAuQtfQ6A
My piece this week: Japan's slow exit from yield-curve control, and the huge gap in short-term interest rates between Japan and the rest of the world is going to reshape capital flows from the biggest net international creditor in the world. https://t.co/4uFwLO5izr
What the end of Japan’s yield curve control experiment means for markets https://t.co/UaEvHRWKsQ
🎙️ On @Breakingviews: The BOJ changed its policy to allow higher 10-year bond yields. Unlike in the US, it can afford to raise borrowing costs slowly as inflation is low. Columnists discuss why monetary tightening as others loosen may give Japan an edge https://t.co/jr6POrXNg8 https://t.co/mcgZ8zJklu
.@Breakingviews’ @peter_tl discusses various aspects of the recent monetary policy decisions taken by the Bank of Japan https://t.co/yToTVWPyZH https://t.co/FnS52IJgTz
.@Breakingviews’ @peter_tl discusses various aspects of the recent monetary policy decisions taken by the Bank of Japan https://t.co/RQs6YzY9Z7 https://t.co/IzHiRTtutU
From Breakingviews: The Bank of Japan has chosen a slow path out of a zero-rate limbo. @peter_tl discusses why this cautious approach by the central bank is justified, and what are its drawbacks https://t.co/yToTVWP1a9 https://t.co/H4znJfO4ky
From Breakingviews: The Bank of Japan has chosen a slow path out of a zero-rate limbo. @peter_tl discusses why this cautious approach by the central bank is justified, and what are its drawbacks https://t.co/RQs6YzXC9z https://t.co/IV35iU4aCm
AN UPDATE ON BOJ POLICY from THE BOOCK REPORT @pboockvar "With respect to the BoJ, they keep chasing their own tail and are working at cross purposes with the Ministry of Finance. A day after loosening YCC, they were back in the market offering to buy JGB's but the 10 yr yield… https://t.co/VlrzjYaA7V
They're already back at it. Reuters: - The BoJ said on Wednesday it would conduct an unscheduled bond operation, offering to buy 100 billion yen ($661.1 million) of bonds with maturities of 3 to 5 years and 300 billion yen of bonds with maturities of 5 to 10 years on Thursday. https://t.co/Nc4I7NwP5e
JGBs and the Yen: Overnight in Asia, the BoJ announced an unscheduled bond purchase program to curb the rise in yields after the BoJ decision to loosen its grip on YCC the previous morning. In the announcement, the central bank stated it will buy 300 billion yen of… https://t.co/PMMOErafaI
From @Breakingviews: The Bank of Japan is taking the long road out of its interest rate limbo, says @peter_tl https://t.co/yToTVWP1a9 https://t.co/0sC4PpVYsn
From @Breakingviews: The Bank of Japan is taking the long road out of its interest rate limbo, says @peter_tl https://t.co/RQs6YzXC9z https://t.co/Ozb6peGj4h
All the lulz...they just can't help themselves.... BOJ Buys More Bonds to Slow Rising Yields a Day After Tweak The Bank of Japan stepped into the bond market unexpectedly Wednesday to curb the pace of gains in sovereign yields, just a day after announcing it was loosening its… https://t.co/N57lGjJRai