Bank of Japan faces a policy dilemma as government bond yields keep hitting new highs [MSNBC.com]
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Source: MSNBC.com
A pedestrian walks past the Bank of Japan (BoJ) building in central Tokyo on July 28, 2023.Richard A. Brooks | Afp | Getty ImagesJapan's central bank is caught in a bind as soaring government bond yields risk upending its policy normalization process.The Bank of Japan faces a stark choice: sticking with its policy of raising rates and risking even higher yields and further slowing an already sagging economy, or holding, even cutting rates to support growth that could accelerate inflation further.Japanese government bonds have been scaling new peaks over the past month. The 20-year JGB yield reached 2.936%, a level not seen since 1999, while 30-year hit a record high of 3.436%, LSEG data going back to 1999 showed.Stock Chart IconStock chart iconJapan abandoned its yield curve control program in March 2024, under which benchmark 10-year bond yields were capped at around 1%, as part of its policy normalization that also saw the country end the world's last negative interest rate regime.
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