10/20/2022
Bank of Japan announces another emergency bond buying operation.
The Bank of Japan on Thursday conducted emergency bond-buying operations, extending efforts to put a floor under bond prices, as the yen nears a 32-year-low against the dollar.
The BOJ offered to buy some 250 billion yen ($1.67 billion)of government bonds with maturities from 5- to longer than 25 years. But its effect was limited as yields only kept rising, sending the 5- and 20-year bond yields to their highest levels since 2015.
“Upward pressure on yields is so strong that the BOJ’s purchase of the bonds with that amount won’t stop yields from rising,” said Masayuki Koguchi, general manager at the fixed income investment division of Mitsubishi UFJ Kokusai Asset Management.
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