News > Bank of Japan defies market pressure and holds firm on yield curve control

Bank of Japan defies market pressure and holds firm on yield curve control

The Bank of Japan has defied market pressure and left its yield curve control measures unchanged, sending the yen diving and pushing stocks higher as it stuck to a core pillar of its ultra-loose monetary policy. The decision follows weeks of turmoil in the Japanese government bond market during which yields surged. Since its last policy meeting on December 20, the BoJ has spent around ¥34tn ($265bn) on bond purchases, with the yields on 10-year bonds continuing to rise above 0.5 per cent.