Tokyo May 22 2024: The yield on Japan’s benchmark 10-year government bond briefly hit 1 percent on Wednesday for the first time in around 11 years, reported Kyodo News.
The benchmark yield rose to 1.000 percent at one time, up 0.020 percentage point from Tuesday’s close, touching the 1 percent threshold for the first time since May 2013.
Bonds have been under selling pressure since the Bank of Japan (BOJ) offered to buy a smaller amount of Japanese government bonds in a regular operation on 13th May, fuelling the view that the central bank is moving to normalise its monetary policy.
The BOJ cut the purchase amount of bonds with five to 10 years left to maturity to 425 billion yen ($2.7 billion) from 475 billion yen in its previous operation on 24th April.
