{"id":22285,"date":"2023-07-28T10:15:39","date_gmt":"2023-07-28T10:15:39","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=22285"},"modified":"2023-07-28T10:15:39","modified_gmt":"2023-07-28T10:15:39","slug":"surprise-move-bank-of-japan-makes-a-small-adjustment-to-yield-curve-control","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/surprise-move-bank-of-japan-makes-a-small-adjustment-to-yield-curve-control\/","title":{"rendered":"Surprise Move: Bank of Japan Makes a Small Adjustment to Yield Curve Control"},"content":{"rendered":"<h1><span style=\"font-weight: 400;\">Surprise Move: Bank of Japan Makes a Small Adjustment to Yield Curve Control<\/span><\/h1>\n<p><span style=\"font-weight: 400;\">The financial markets saw increased volatility due to several influential events, including the Federal Reserve&#8217;s decision and strong US economic data. The ECB, as anticipated, hiked its policy rates by 25 basis points to 3.75% while expressing concerns over high inflation. The bank emphasized that it would maintain restrictive interest rates as long as necessary, but future rate hikes would depend on incoming economic data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the US, the release of robust economic data led to a shift in market sentiment. Q2 GDP growth reached an annualized rate of 2.4% quarter-on-quarter, jobless claims were better than expected, and durable goods orders showed strength. These positive indicators sparked an upward trend in US yields, further propelled by a moderate 7-year Treasury auction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A report from the Nikkei suggested that the Bank of Japan (BoJ) might adjust its Yield Curve Control program, contributing to the surge in US yields. As a result, US yields increased significantly, with the 10-year yield briefly surpassing 4.0%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The BoJ made an unexpected minor tweak to its Yield Curve Control program, allowing the 10-year yield to move more flexibly within a range of 0% +\/- 50 basis points. This adjustment comes amid a global surge in core bond yields and rising domestic inflation. By raising the rate to 1% for its fixed-rate bond buying operations, the BoJ signaled its willingness to accept 10-year rates moving to that level.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite this, the Bank of Japan remained cautious, with inflation for this fiscal year revised up to 2.5%, but next year&#8217;s projection slightly downgraded to 1.9%. Economic growth for this year was slightly revised lower to 1.3%, while projections for the subsequent years were maintained at 1.2% and 1%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">News of the possible YCC tweak led to an initial surge in the yen. Japanese 10-year yields soared by almost 10 basis points. Market focus remains on the economic calendar in the US and Europe, which could generate further market-moving events. Amid ongoing market uncertainty, investors are urged to remain vigilant and prepared for potential further swings in sentiment as global economic conditions evolve.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Surprise Move: Bank of Japan Makes a Small Adjustment to Yield Curve Control The financial markets saw increased volatility due to several influential events, including the Federal Reserve&#8217;s decision and strong US economic data. The ECB, as anticipated, hiked its policy rates by 25 basis points to 3.75% while expressing concerns over high inflation. 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