, the central bank defied economists’ expectations and adjusted the range it allows the Japanese 10-year government bond yield to trade.
“Investors will now need to digest that the Fed, ECB and the BoJ are all tightening policy simultaneously,” he said, referring to the US Federal Reserve, the European Central Bank and Japan’s central bank. “Yield curve control in Japan provided an informal yield cap to sovereign debt in the rest of the world, with this latest move providing a catalyst for a fresh global bond selloff on the back of repatriation flows,” he said.
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