The Bank of Japan says it will buy unlimited government bonds to support a $990 bln stimulus package. That helps Prime Minister Shinzo Abe hold off catastrophe, but the BOJ’s balance sheet is getting even more massive, writes petesweeneypro:
The Bank of Japan on April 27 ramped up purchases of risky assets and pledged to buy unlimited amounts of government bonds to combat the economic fallout from the coronavirus pandemic. It committed to accelerate purchases of corporate bonds and commercial paper until the combined balance of its holdings reaches 20 trillion yen .
"The BOJ will purchase necessary amounts of government bonds without setting an upper limit, so that the 10-year bond yield will remain at around 0%," the central bank said in a statement announcing the policy decision. The BOJ maintained its short-term interest rate target at -0.1% and a pledge to guide 10-year government bond yields around 0%.
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