Japan’s benchmark 10-year government bond yield surged to a nine-year high on Monday, spurring the central bank to conduct unscheduled bond buying to slow its rise.
The 10-year JGB yield rose as much as 6 basis points (bps) to 0.605%, a level last seen in June 2014. That handily topped the 0.5% official ceiling called for under the central bank’s yield curve control, but was well back from the 1% upper tolerance limit signaled in a surprise policy tweak on Friday.
Read More : Bank of Japan Increases Bond Purchases as 10-Year JGB Yields Reach 9-Year High