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Free AccessMNI POLICY: BOJ Conducts JGB Gensaki Op; 1st Since March 2016
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
yields.
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.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MMJBJ$,M$A$$$,M$J$$$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.