Marketmind: All eyes on Bank of Japan's 1% yield cap
© Reuters. People walk in front of the bank of Japan building in Tokyo, Japan, April 7, 2023. REUTERS/Androniki Christodoulou/ File photoAsia's economic calendar is jammed with top-tier releases on Tuesday, from Chinese purchasing managers index data to third quarter GDP figures from Hong Kong and Taiwan, but one stands above all others - the Bank of Japan's policy meeting.
Speculation that the BOJ will act ramped up on Monday after Nikkei, citing sources close to the matter, reported that policymakers may further tweak YCC to allow the 10-year Japanese Government Bond yield to rise above 1%. Negative interest rates, the BOJ accumulating 45% of all outstanding Japanese Government Bonds, and a 30% slide in the yen's value against the dollar since early 2021 made Japanese stocks extremely attractive.
Inflation in Japan has finally taken off, and for the first time in decades, appears to be sticking well above 2%.
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