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TOKYO (MNI) - The Bank of Japan offered to buy JPY500 billion of Japanese
government bonds under repurchase agreements Monday in a bid to stabilize
financial markets rattled by heightened global uncertainties.
The operation, the first "gensaki" since March 2016, was welcomed by
financial markets and it was announced immediately after the BOJ released a
statement by Governor Haruhiko Kuroda.
The yield on the 10-year JGBs fell to -0.170% for the lowest level since
November 11, 2019, after opening lower following the drop in U.S. Treasury bond
The Nikkei stock index rebounded after opening lower.
As of 1049JST (0149 GMT), the index traded at 21,280.92, up 137.96 points,
or 0.65%, from Friday's close. The Nikkei stock index fell 2,243.78 points
during the previous week.
"Global financial and capital markets have been unstable recently with
growing uncertainties about the outlook for economic activity due to the spread
of the novel coronavirus," the statement said.
"The Bank of Japan will closely monitor future developments, and will
strive to provide ample liquidity and ensure stability in financial markets
through appropriate market operations and asset purchases," Kuroda said.
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