Japan's top government spokesperson said on Monday the banking system was stable, seeking to reassure markets the country won't see a contagion from U.S. and European banking sector woes.
and concerted central bank action offered little lasting respite from fears a bigger banking crisis is brewing.
But the global market rout complicates incoming BOJ Governor Kazuo Ueda's task of steering a smooth exit from ultra-low interest rates that have drawn increasing criticism for pushing financial institutions to take on risk in the search for yield. Demand for safe-haven debt pushed the yield on the 10-year Japanese government bond down 1.5 basis points to 0.255% on Monday, well off the BOJ's 0.5% cap that had been under attack before the banking sector crisis erupted.
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