Japan’s Halloween decision to nix its official bond yield cap means ‘yield curve control’ has one foot in the grave—but it still has some bite nonetheless
Japan’s Halloween tweak to its monetary policy didn’t go as far as some yen bulls had hoped. But a stronger yen could still eventually spook global markets—especially if rising U.S. rates keep forcing the Bank of Japan’s hand.of capping 10-year government bond yields at 1% on Tuesday, saying that level will now be a reference only.
But the central bank also said it would conduct “nimble market operations” in response to developments in economic and financial conditions.This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.
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