Unlike other central banks that have been aggressively raising rates to battle inflation, Japan's central bank continues its decades-long attempt to stoke price rises in the world's third-biggest economy, even as inflation has exceeded the bank's target.
on Friday, forcing the BOJ into emergency bond-buying to bring the rate back down.
Investors are pricing in a change this week, with bets on the BOJ raising the top of the 10-year target band to 0.75%, raising the centrepoint of the band from zero or ditching the target altogether. "If yield curve distortions aren't fixed, the BOJ must consider what more it can do," a second source said before Friday's market rout, a view echoed by another source.whether to keep its policy of applying a negative 0.1% rate to a small pool of excess reserves parked with the BOJ, targeting the 10-year yield around zero, and maintaining the target yield band it widened on Dec. 20.
"As interest rates rise, we're seeing the limits of YCC," said Mari Iwashita, chief market economist at Daiwa Securities.
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