％Japan Government Bond 10Y
JP-10Y
▲ PositiveMonetaryrelevance
BOJ raised its policy rate to 1.25%, pushing JGB yields higher.
Impact on stocks 1
Others
Yen Surges into the 156 Range on Reports of BOJ Rate Check
Digital FinanceMacro Impact 4
The yen surged into the 156 range in the foreign exchange market shortly before noon U.S. time on the 18th. The electronic edition of Nikkei reported that the Bank of Japan conducted a "rate check," asking market participants about exchange rate levels. A rate check is seen as a preparatory step toward currency intervention. At its policy meeting on the 18th, the BOJ raised its policy interest rate to 1.25 percent, a level last seen about 31 years ago, but two board members opposed the hike, and the yen had been sold in the market on the view that the pace of rate increases would be slower than expected. Governor Kazuo Ueda said at a press conference that "the policy phase has changed," signaling his intention to move preemptively in conducting policy, but some in the market also took the view that the United States, which raised rates on the 16th, was the more hawkish.
BOJ raised its policy rate to 1.25%, pushing JGB yields higher.