Expectations are rising that Japan’s central bank will relax its grip on the bond market this week as the yen tests a 33-year low and government bond yields touch the highest levels in a decade.
But investors’ bigger focus may be whether Bank of Japan governor Kazuo Ueda will offer crucial signals on inflationary trends that could pave the way for Japan to end the world’s last negative interest rates.
The yield on the benchmark 10-year Japanese government bond hit 0.89 per cent last week, the highest since July 2013. As a result, the BoJ is widely anticipated to revise — for the third time in 12 months — its unconventional “yield curve control” policy of buying government bonds to hold yields below a fixed level.
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