"Higher-for-longer" means "until-something-breaks"

In accordance with the short-term policy interest rate of minus 0.1 percent and the target level of the long-term interest rate, both of which were decided at the previous meeting on June 15 and 16, 2023, the Bank had been conducting purchases of Japanese government bonds (JGBs).5 Under the guideline for conduct of yield curve control decided at that meeting, it had also conducted outright purchases of 10-year JGBs at 0.5 percent through the fixedrate method every business day. Moreover, the Bank had carried out fixed-rate purchase operations of the cheapest-to-deliver (CTD) issues every business day. With these market operations, 10-year JGB yields had been at around 0 percent. The shape of the JGB yield curve since the previous meeting continued to be generally smooth. The Bank had conducted operations to purchase exchange-traded funds (ETFs), Japan real estate investment trusts (J-REITs), CP, and corporate bonds in accordance with the guideline for asset purchases decided at the previous meeting. tweet: BOJ MINUTES: MEMBERS AGREED BOJ MUST MAINTAIN CURRENT MONETARY EASING TO STABLY, SUSTAINABLY HIT PRICE TARGET tweet: BOJ MINUTES: ONE MEMBER SAID BOJ MUST SUSTAIN YCC FRAMEWORK IN LINE WITH COMMITMENT IT HAS MADE IN ITS STATEMENT