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Japan Faces Speculators on Two Sides as Yen, Bonds Struggle
The contradictions in Japan’s efforts to protect the yen while slowing the pace of rising bond yields was on clear display in currency and debt markets on Wednesday. The day began with the nation’s top currency official at the finance ministry giving one of the starkest warnings yet that authorities were ready to intervene in the foreign exchange market to stem the yen’s fall. By lunchtime the Bank of Japan was preparing to wade into the debt market to slow the speed of the 10-year bond yield’s ascent toward 1%. The BOJ’s unscheduled bond purchases were jarring — coming just 24 hours after the central ... (full story)
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