Japan yields hit 9-year high, yen swings as BOJ shift roils market

TOKYO : Japan's benchmark bond yield soared to a nine-year high and the yen gained even as traders struggled to make sense of the Bank of Japan's decision on Friday to conduct its yield curve control policy more flexibly.

The BOJ maintained guidance allowing the 10-year yield to move 0.5 per cent around the 0 per cent target, but said those would now be"references" rather than"rigid limits". "By raising the upper limit for the fixed rate operations to 1 per cent, the BOJ effectively widened the 10-year target band, making it easier for the central bank to flexibly guide the yield target," said Naomi Muguruma, a senior market economist at Mitsubishi UFJ Morgan Stanley Securities."It made a stealth move in that sense."The Japanese currency see-sawed sharply, flipping from losses after the policy announcement to as low as 141.

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