The Wall Street Journal
Bank of Japan’s Bond-Yield Cap Comes Under Fresh Pressure
Bond investors in Tokyo on Wednesday resisted the Bank of Japan’s attempt to push down yields, highlighting their expectations for a policy change. For the second day in a row, the yield on the 10-year Japanese government bond slightly breached the central bank’s cap of 0.5% by rising to 0.505%, according to data provider Quick. It then returned to 0.5%. The BOJ again purchased bonds to push up prices and push down yields. As it has done on occasion recently, it also offered low-cost five-year l