The Bank of Japan has eased controls on its government bond market, altering a cornerstone of its ultra-loose monetary policy and prompting a surge in the country’s benchmark bond yields to the highest level in nine years.
The BoJ said it would continue to cap the yield on 10-year Japanese government bonds at 0.5 per cent but allow interest rates to rise above that level without setting “rigid limits”.
The central bank added that it would offer to buy 10-year bonds at 1 per cent in fixed-rate operations, instead of the previous 0.5 per cent, in effect widening the trading band on its long-term yields.
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