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The Bank of Japan will consider widening the trading range of 10-year policy interest rate once concern over downside risks to economy wanes, MNI understands, but for now, as Governor Kuroda told legislators Friday, higher rates and increased volatility from such a move now would be undesirable as Covid-19 concerns linger. Policymakers also need to maintain financial market stability ahead of March, the end of this fiscal year.
Earlier, Kuroda told lawmakers that he doesn't see the need to widen a range of 10-year interest rates and he emphasized the need to keep yield curve at low levels with the continuing downward pressure on the economy. His comments sent longer-dated JGB yields sharply lower, with the 20-yr bond yield down 10bps from intraday highs at one point, before closing bps lower on the day at 0.47%.
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