The Bank of Japan decided to bring more flexibility to its yield curve control policy as strictly capping the long-term yields entail large side effects and the central bank retained its negative interest rate.
The BoJ policy board, led by Governor Kazuo Ueda, decided to regard the upper bound of 1.0 percent for 10-year JGB yields as a 'reference' in its market operations.
The bank dropped the wording that the 10-year JGB yields will fluctuate between plus and minus 0.5 percentage points from the target level.
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by Renju Jaya
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