The Bank of Japan will stick to its playbook of minor tweaks and verbal warnings...
TOKYO - The Bank of Japan will stick to its playbook of minor tweaks and verbal warnings to rein in sharp falls in long-term interest rates, sources say, raising questions about its ability to control the yield curve while managing market expectations.
It has also reduced its bond purchasing plans for most maturities and signaled it could forgo operations to buy bonds with a maturity of over 25 years. Japanese finance and central bank officials took Tuesday’s price action in stride, describing it as a one-off move rather than the start of a full-fledged uptrend in yields.
Global economic uncertainties, however, have repeatedly pushed the 10-year yield below the -0.2% level, seen by markets as the BOJ’s line in the sand. That has dragged on super-long yields.
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