Yen drops as BoJ defends yield curve target
Bond operations send Japanese currency to seven-year low against the dollar
The Bank of Japan sent the yen tumbling to a seven-year low against the US dollar today (March 28), as it announced a bond operation to defend its yield-curve target.
The BoJ said it would conduct unlimited purchases of 10-year government bonds from March 29–31, at a yield of 0.25%. The BoJ targets a 10-year yield of 0%, within a tolerance band of ± 25 basis points. Japan’s 10-year government debt was yielding 0.26% earlier today.
Policy-makers’ determination to stick with ultra-loose monetary
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