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*** The major JPY crosses have unwound........>

JAPAN
JAPAN: *** The major JPY crosses have unwound their pre-BOJ losses, and have
printed fresh highs on the back of the decision, which saw the BOJ introduce
forward guidance, noting that it intends to keep very low rates for an extended
period of time, while it maintained its 10-Year JGB yield target at about 0.00%,
albeit highlighting greater flexibility  in bond operations moving forwards.
There was a 7-2 vote on YCC matters. The Bank also trimmed its CPI forecasts.
- JGBs have surged, adding a near 50 pips from pre-announcement levels, with the
curve flattening, and 10-Year JGB yields last at 0.084%, after sitting just
above 0.11% heading into the decision.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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