Knock, knock. Is anyone still there at the BOJ office? 10-year JGB yields are rising up to 0.52% and pushing the boundaries of the upper limit set out via last month's policy tweak i.e. 0.50% currently. Be reminded that the central bank bought roughly ¥5 trillion of bonds on Friday - its largest daily operation on record - and also stepped in with another ¥1.3 trillion worth of purchases today.
Is the market pressure enough to force another adjustment by the BOJ? That will certainly be one to watch this week. I shared some thoughts earlier here.
