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BoJ cuts 5-10 yr JGB buys to 430B yen; 450B yen in last op
Added at 9:32pm
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Japanese Stocks Jump, Yen & Bonds Dump As BoJ Tapers Its Bond-Buying Program
As if the market needed something else to spur volatility, The Bank of Japan chose tonight to cut the size of its purchases of 5-to-10 year JGBs (from 450bn to 430bn yen). While yen initially strengthened, it is now tumbling and Japanese stocks absurdly rallying, presumably because yields on the bonds are rising. So just to clarify - Bank of Japan tapering is causing Treasury selling (10Y +1.5bps), which is pushing the dollar higher, thus sending yen tumbling... look what you have done Mr Kuroda. Bloomberg's Mark Cranfield notes that the BoJ's timing coincides with the contract trading near the top end of its range ... (full story)
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