The Australian and New Zealand dollars extended their meteoric ascent on the yen on Monday, as the Bank of Japan acted to keep domestic bond yields near zero even as Antipodean yields surged to multi-year peaks. The BOJ’s offer to buy as much bonds as needed to keep yields down bucked the trend toward tightening in most of the rest of the developed world. The gulf in yields has seen funds flood out of the yen in search of higher returns, lifting the Aussie to its highest since mid-2015 at 92.52 yen. The Aussie was now up 10.5% for the month in its best performance in a decade. The flow of cash combined with high ... (full story)