The Bank of Japan’s decision to provide around ¥10 trillion of liquidity amid pressure from the government is raising concerns among market watchers that the central bank’s independence may be at risk.

When the BOJ said Tuesday morning it would hold an emergency policy meeting later in the day, some investors were surprised, driving stocks higher and sending yields on government bonds lower. But market reaction to the meeting’s outcome showed that the new operation fell short of investors’ expectations.

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