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- The Bank of Japan modified further loosened its grip on long-term interest rates by tweaking its bond yield control policy on Tuesday, taking another step towards ending its massive stimulus programme.
The 10-year JGB had yet to trade following the announcement, after the yield jumped 6.5 basis points earlier in the day to 0.955%, its highest since May 2013. Benchmark JGB futures remained weak, and were last down 0.50 point at 143.74."It looks like the BOJ is taking the"softly, softly" approach here. The incrementalism was perhaps a surprise to markets given the speculation of an actual tweak. It still seems to be on the cards, but just not today.
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