The Bank of Japan on Wednesday boosted efforts to defend its yield target, making a fresh offer to buy an unlimited amount of the 10-year bonds for four consecutive sessions.
The move comes as the yield on the 10-year JGB remained at 0.25%, the upper limit of its target of around zero percent, throughout Wednesday, despite the central bank's offer to buy an unlimited amount of the 10-year bonds at that rate.
"The Bank of Japan has no other choice than to keep offering unlimited purchases of JGBs," said Takafumi Yamawaki, head of Japan fixed income research at JPMorgan Securities. The BOJ's guidance is that it will allow the 10-year yield to move flexibly around its 0% target as long as it stays below the 0.25% upper limit.The bank had also offered to buy unlimited amounts of 10-year bonds at 0.25% in February and made four consecutive days of offers in March.
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