Bank of Japan bill auction fails

The FT reported on Wednesday 2 February that the Bank of Japan failed to attract enough offers in a bill-buying operation for the first time in nearly two and a half years.

On Wednesday, the BoJ sought to buy Y1,000bn of discount bills, but offers from financial institutions - already flush with cash - fell below Y700bn, the FT said. The report said the BoJ was conducting a powerful "all offices" transaction in which its regional branches also participated.

The BoJ was quoted as saying the bid