The Bank of Japan has renewed its pledge to keep bond yields at zero, widening its policy gap with the central banks of other major economies that are raising interest rates to tame surging inflation.
The BoJ’s decision to stick to its ultra-loose monetary policy exacerbates a global divergence in yields after the Federal Reserve raised its main interest rate by a historic 0.75 percentage points this week, prompting Switzerland and the UK to also raise rates.
The BoJ on Friday kept overnight interest rates at minus 0.1 per cent. It said it would conduct daily purchases of 10-year bonds at a yield of 0.25 per cent, showing no willingness to let bonds trade in a wider band.
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