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Bank of Japan Governor Haruhiko Kuroda said on Monday that the BOJ will prevent wider movements in long-term interest rates from affecting stock prices and that the bank can prevent a sharp rise in the yield through fixed-rate purchase operations for consecutive days.
The BOJ on Friday clarified in its policy statement that the 10-year JGB yield would be tolerated moving in a range between plus and minus 0.25% to the 0% target as against the previously implied -0.20% to +0.20% range. In Monday trade, the 10-year was trading at 0.09%, the lowest level since Feb 17.
Kuroda also said that the BOJ should not change its 2% price target and that the aim to achieve the target by the BOJ as well as the Federal Reserve and the European Central Bank helps stabilize foreign exchange rates.
10-year JGB Yield (generic)
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.