It's a sign that the war on inflation is truly a worldwide affair.
This has been a year in which all the world's major central banks engineered a massive pivot toward higher interest rates and tighter money.Driving the news:its "yield curve control" that capped long-term interest rates on 10-year Japanese government bonds at 0.25%. That cap is now 0.5%.
The move sent the yen soaring by about 4% against the U.S. dollar in early trading, a massive jump for one of the world's most important currency pairs. It also made for bumpy trading in global bonds and stocks.The hawkish pivot is a fitting end to a year featuring a momentous shift in the underpinnings of global monetary policy. It is a sign that the war on inflation is truly a worldwide affair.
Those efforts accelerated in 2013 under prime minister Shinzo Abe and BoJ governor Haruhiko Kuroda, as they set out to jolt Japan from its malaise.
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