BOJ modifies yield curve control, re-defines long-term rate cap
© Reuters. An office employee walks in front of the bank of Japan building in Tokyo, Japan, April 7, 2023. REUTERS/Androniki ChristodoulouTOKYO - The Bank of Japan modified its bond yield control again on Tuesday by re-defining 1.0% as an"upper bound" with room for allowance, rather than a rigid cap.
"The BOJ will regard the upper bound of 1.0% for the 10-year Japanese government bond yield as a reference" and continue large-scale bond buying and nimble market operations, the central bank said in a statement. As widely expected, the BOJ maintained a 0.1% interest charged on financial institutions' excess reserves parked with the central bank, and a 0% target for the 10-year government bond yield set under its yield curve control policy.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.
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