The Bank of Japan’s head-scratching surge this week came to a halt Friday, as the stock erased earlier gains to fall by its limit.
The shares sank 19%, the most since December 1991, after rising by the daily limit in each of the four previous sessions.
The volatile moves in the shares, or subscription certificates as the BOJ refers to them, has baffled market participants. While the BOJ is unusual in being a listed central bank, the stock pays a tiny dividend and holds no voting rights. In fact, the central bank doesn’t even hold shareholders’ meetings. The stock traded at an all-time low in January.