The Bank of Japan has left its yield curve control measures unchanged after a closely watched meeting, bucking market pressure to scrap a core pillar of its monetary policy.
The decision came after a two-day meeting — the penultimate under the BoJ’s longest-serving governor, Haruhiko Kuroda — and follows weeks of turmoil in the Japanese government bond market during which yields surged.
The central bank spent roughly 6 per cent of Japan’s gross domestic product defending its yield target in the last month alone.
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