BOJ Boosts Amounts at Regular Bond Buy as Yields Stay Elevated

  • In Business
  • 2022-09-30 01:23:00Z
  • By Bloomberg

(Bloomberg) -- The Bank of Japan boosted its planned bond purchases at a regular operation on Friday as it sought to cap upward pressure on yields fueled by volatility in global markets.

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The BOJ said it will buy 550 billion yen ($3.8 billion) of 5 to 10 year bonds, compared to the 500 billion yen planned. It kept purchase amounts unchanged for 3 to 5 year notes, 10 to 25 year debt and securities maturing over 25 years. It has conducted a daily offer to buy an unlimited amount of 10-year bonds at 0.25%.

Like some of its counterparts in Asia, the BOJ is stepping up efforts to counter market volatility as rising interest rates fuel fears of a global downturn. In the case of Japan, some of the pressure on bonds is emanating from bets that the central bank may eventually ditch its ultra-loose stance to narrow the yield gap with its major peers.

The BOJ has ramped up its debt buying at both regular and unscheduled operations of late, raising expectations that purchases may be increased for the October to December period when it releases its quarterly plan at 5pm local time.

The 10-year yield climbed to the 0.25% upper limit of the BOJ's tolerated range earlier this week. It traded at 0.245% Friday.

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