Historic BOJ Move Drives Up Short-Term Costs for Japanese Firms [BNN Bloomberg (Canada)]
SUMITOMO MITSUI TR S/ADR (SUTNY)
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Source: BNN Bloomberg
bond purchases as part of its historic move away from ultra-accommodative policy. Sumitomo Mitsui Trust Panasonic Finance Co. on Friday sold three-year yen notes at a much higher premium than corporate bonds sold before the central bank scrapped the world's last negative interest rate on March 19. Top-rated Toyota Finance Corp. last week priced a three-year note at a significantly wider spread than lower-rated Sony Group Corp.'s deal in March. “Investors are asking for higher premiums on new bonds now that the BOJ has made it clear that the corporate bond buying will end,” said Haruyasu Kato, a fund manager in Tokyo at Asset Management One Co. The impact of the central bank's reduction in purchases on short-term borrowing costs for corporates underscores how Japanese markets are adapting after years of ultra-easy money. The BOJ said on March 19 that it plans to end the program within a year. Here are some examples of spreads on yen-denominated bonds: The BOJ embarked on the
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