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Bank of Japan Steps Into Market to Slow Rising Bond Yields
The Bank of Japan announced an unscheduled bond-purchase operation on Wednesday, reminding the market of its determination to slow the pace of increases in sovereign yields. The operation had no immediate impact on the benchmark 10-year yield, which earlier in the day touched 0.815%, a fresh decade high. Japan’s sovereign debt has faced renewed pressure amid a selloff in US Treasuries, and as traders test the BOJ’s tolerance in the lead up to a monetary policy meeting on Oct. 30-31. The central bank stepped into the debt market three times prior to Wednesday’s action with unscheduled operations after adjusting ... (full story)