-- The yen rallied on a report that the Bank of Japan may raise a cap on government bond yields, adding a layer of uncertainty as policymakers in Tokyo wrap up a two-day meeting. Asia stocks are poised for a mixed open.Japan’s currency rose to its highest level in nearly three weeks after Nikkei reported, without identifying where it obtained the information, that the BOJ is considering letting the yield on 10-year government bonds rise above 1%. Ten-year swap rates also jumped on the report.
The yen’s slide last week to a fresh year-to-date low, higher yields and continued inflation stickiness have been spurring market speculation that the BOJ will make some adjustment to the yield-curve control at its meeting, which concludes Tuesday. The currency was little changed in early Asia trading.
“The operation isn’t as large as feared yet — and that’s helping to slightly reduce geopolitical anxiety,” said Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter. “This week will be a very busy one as we get a Fed decision and important economic/inflation data, as well as the final ‘big’ week of earnings.”
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