EUR/USD tests above 1.1000 as markets bet big on Fed rate cuts

The Bank had been conducting market operations, including purchases of Japanese government bonds (JGBs), in accordance with the guideline for market operations and the guideline for conduct of yield curve control, both of which were decided at the previous meeting on September 21 and 22, 2023.4 Specifically, it had carried out outright purchases of 10-year JGBs at 1.0 percent through the fixed-rate method and fixed-rate purchase operations of the cheapest-to-deliver (CTD) issues every business day. Moreover, the Bank had nimbly conducted unscheduled purchases of JGBs and the Funds-Supplying Operations against Pooled Collateral with a loan duration of five years through the variable-rate method. With these market operations, long-term interest rates had been at levels consistent with the Bank's guideline and the shape of the JGB yield curve 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 guidelines for asset purchases decided at the previous meeting. post: BOJ OCTOBER MEETING MINUTES: MEMBERS AGREE TO PATIENTLY MAINTAIN CURRENT EASY POLICY post: BOJ MINUTES: SOME MEMBERS EMPHASIZE THE NEED TO MAINTAIN YCC IN ORDER TO SUSTAIN SUPPORT FOR WAGE GROWTH. post: BOJ MINUTES: MEMBER STRESSES IMPORTANCE OF CONFIRMING WAGE AND INFLATION CYCLE TO ACHIEVE PRICE GOAL SUSTAINABLY post: BOJ MEMBERS: INFLATION TARGET ISN'T IN SIGHT YET WITH CERTAINTY