BOJ balances QE reduction with a strong yen [Seeking Alpha]
MITSUBISHI UFJ FINANCIAL GROUP (MTU)
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Source: Seeking Alpha
BOJ balances QE reduction with a strong yenThe Bank of Japanhas quietly been cutting bond purchases on the back of slowing issuance from the government, and a "stealth" shift in monetary policy.Japan’s 10-year yield has moved within a target range, but the central bank unintentionally kicked off a 7% rally in the yen since it cut purchases of longer-term securities.“The BOJ is in an extremely difficult situation, putting yields from 10 years and longer at risk of sinking below zero,” said Akio Kato, head of trading at Mitsubishi UFJ Kokusai Asset Management. “Under normal circumstances, the BOJ should be buying less given where yields are, but it can’t, with the yen at a much stronger level than many had projected.”The BOJ feels the pressure of falling behind its global peers, who have either ended loosening monetary policy or embarked on a hiking cycle.ETFs:DXJ,EWJ,DFJ,DBJP,JOF,JPNL,DXJS,HEWJ,JEQ,EWV,EZJ,SCJ,JPXN,DXJR,DXJF,JPN,JHDG,DXJH,JPMV,FJP,HJPX,QJPN,DEWJ,DXJC,GSJY,HFXJClick to
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