BoJ policy board divided over bond markets


The Bank of Japan's policy board refrained from tampering with its fund-supplying facility in the face of bond market volatility, following a lengthy debate among members over whether to expand the duration of its loans.

In light of the bond market turbulence in May and June – as the Nikkei 225 plummeted by 20% and US long-term interest rates began to rise – board members agreed the BoJ should be flexible in how it conducted its market operations, but initially disagreed on how flexible.


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