World markets taken by surprise as Bank of Japan shifts bond yields

TOKYO, Dec 21 (Economic Times) - Markets were taken aback as the Bank of Japan (BOJ) modified its yield curve control (YCC) strategy. The bank permitted the yield on the 10-year Japanese government bond to swing 50 basis points either side of its 0% objective.

The BOJ stated that the action is meant to “improve market functioning and encourage a smoother formation of the entire yield curve while maintaining accommodative financial conditions.” After an extended period of economic stagnation and extremely low inflation, the central bank implemented its yield curve management mechanism in September 2016 with the goal of lifting inflation toward its 2% target.

On Tuesday, the BOJ while maintaining its ultra-loose monetary policy stance, also kept its benchmark interest rate at -0.1%. The bank promised to dramatically speed up the pace at which it buys 10-year government bonds. In contrast, other central banks around the world are still raising rates and forcefully tightening monetary policy in an effort to control sky-high inflation. ...continue reading

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