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TOKYO : The Bank of Japan modified its bond yield control again on Tuesday by re-defining 1.0 per cent as an “upper bound” with room for allowance, rather than a rigid cap.
“The BOJ will regard the upper bound of 1.0 per cent for the 10-yaer Japanese government bond (JGB) yield as a reference” and continue large-scale bond buying and nimble market operations, the central bank said in a statement.
As widely expected, the BOJ maintained a 0.1 per cent interest charged on financial institutions’ excess reserves parked with the central bank, and a 0 per cent target for the 10-year government bond yield set under its yield curve control (YCC) policy.
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