The yield on 10-year Japanese government bonds breached its new cap of 0.5 percent on Friday morning trade at 0.53 percent. The BOJ was making unscheduled bond purchases in response.
The BOJ had described its December move as aimed at addressing distortions in the bond market, and defended the new target with bond purchases – but that is under immense pressure now as traders have a sniff of a shift at next weeks’ meeting. The dollar slipped broadly, U.S. treasuries rallied and assets seen as risky, such as stocks and cryptocurrencies, rose.
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