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The BOJ underdelivers once again ...Middle East
Heading into the policy decision, market expectations were brought up in anticipating a change to the 10-year JGB yields ceiling i.e. from 1% to perhaps 1.25% or 1.50%. However, the BOJ instead chose to keep the focus on the 1% mark by making it a sort of point of reference as they say that:"The Bank will maintain the target level of 10-year Japanese government bond (JGB) yields at around zero percent, it will conduct yield curve control with the upper bound of 1.0% for these yields as a reference and will control yields mainly through large-scale JGB purchases and nimble market operations."That was enough to really drag the yen currency lower, as market expectations were disappointed. For a
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