TOKYO : Yields on Japan's benchmark 10-year government bonds breached the central bank's new ceiling on Friday in the market's most direct challenge yet to decades of uber-easy monetary policy.With speculation swirling that the Bank of Japan's policy of yield curve control (YCC) could be revised, or even
TOKYO : Yields on Japan's benchmark 10-year government bonds breached the central bank's new ceiling on Friday in the market's most direct challenge yet to decades of uber-easy monetary policy.
The stress was evident across the yield curve and defied the BOJ's announcement on Friday of a fresh round of emergency buying worth around 1.4 trillion yen , when it already holds 80 per cent to 90 per cent of some bond lines. Markets had thought that policy would linger on until April when BOJ Governor Haruhiko Kuroda, the author of Japan's super-stimulus policy, is due to retire.
The central bank can, indeed, create an infinite amount of new yen to buy bonds, but it already holds more than half the paper on issue and liquidity is almost non-existent, creating a variety of distortions in the market. With the local economy recovering faster than expected and inflation accelerating, the RBA realised its pledge to keep three-year yields at 0.1 per cent out to 2024 was no longer credible.
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