The Bank of Japan said on Tuesday it would allow more fluctuation in 10-year bond yields in an unexpected tweak to its ultra-loose monetary policy, causing the yen to gain sharply against the US dollar.
The central bank said it would allow 10-year bond yields to fluctuate by plus or minus 0.5 per cent, instead of the previous 0.25 per cent. It kept overnight interest rates at minus 0.1 per cent.
Most economists had expected BoJ governor Haruhiko Kuroda to stay the course until he steps down in April.
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