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MNI (London)

The Bank of Japan board may clarify its position on the tolerated trading range for 10-year JGBs via a formal policy statement to boost transparency, MNI understands.

The current range, which is seen tolerating a band of 20 bps either side of the 0% target for 10-year JGBs, is based on remarks by BOJ Governor Haruhiko Kuroda and not official guidance in policy statements. The BOJ will likely also show that the range will be flexible, tolerating the 10-year yield moving slightly outside the range, although it will be seen as undesirable for the rate to move sharply as such a move weakens the impact of easy policy.

This position would be in line with comments made to MNI by Hiromi Yamaoka, former head of the BOJ's markets division in a recent interview.

10-year JGB Yields

Source: Bloomberg

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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