Bank of Japan intervenes as 10-year JGB yield hits fresh decade peak
© Reuters. FILE PHOTO: Japanese national flag is hoisted atop the headquarters of Bank of Japan in Tokyo, Japan September 20, 2023. REUTERS/Issei Kato/File Photo
But it eased immediately after the BOJ announcement, and was last 1.0 basis point lower than Thursday's closing level at 0.83%. Policymakers have stepped up intervention in recent weeks, with Japanese rates succumbing to the gravitational pull of U.S. yields. The 10-year Treasury briefly breached the psychological 5% mark on Friday for the first time in more than 16 years.
Yawning interest rate differentials have driven a slump as deep as 7.1% in the yen against the dollar since the BOJ's July 28 policy announcement, as the promise of more flexibility in the conduct of YCC was overwhelmed by the relentless climb of U.S. yields.
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