The Bank of Japan looked set for at least a short-term victory Wednesday, as additional steps to already extraordinary market interventions helped push down yields and traders returned to buying the yen.
The BOJ surprised investors with a pledge to buy more securities than planned and include longer-dated debt on a day when global bonds rallied. It’s already in the midst of an unprecedented three-day purchase plan to defend its cap for 10-year yields and the latest announcements saw them fall 3.5 basis points to 0.21%.
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