By A Mystery Man Writer
In September 2016, the Bank of Japan (BoJ) changed its policy framework to target the yield on ten-year government bonds at “around zero percent,” close to the prevailing rate at the time. The new framework was announced as a modification of the Bank's earlier policy of rapid monetary base expansion via large-scale asset purchases—a policy that market participants increasingly regarded as unsustainable. While the BoJ announced that the rapid pace of government bond purchases would not change, it turned out that the yield target approach allowed for a dramatic scaling back in purchases. In Japan’s case, the commitment to purchase whatever was needed to keep the ten-year rate near zero has meant that very little in the way of asset purchases have been required.
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Traders Bet a Ueda-Led BOJ Will Soon End Yield Curve Control - Bloomberg
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Yield Curve Control In The United States, 1942 to 1951 - Federal Reserve Bank of Chicago
What BOJ Ending Yield-Curve Control Could Mean for Global Bonds and Japanese Equities - CME Group
Japan Faces Down Market Testing Limits of Yield Curve Control - Bloomberg
Japan's Experience with Yield Curve Control - Liberty Street Economics
CNBC explains: The Bank of Japan 'yield curve control
A note on modelling yield curve control: A target-zone approach - ScienceDirect
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