BOJ buys more than expected bonds as yields climb

The Bank of Japan bought a larger-than-expected amount of bonds at its regular operation on Monday, as the benchmark yield climbed toward the upper end of the central bank's tolerated trading range.

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The BOJ purchased 550 billion yen $3.8 billion of five to 10 year notes. This was the third time that it exceeded the original plan of 500 billion yen, and followed the unscheduled buying of 150 billion of the same tenors last Wednesday. Purchase amounts for one- to three and three- to five year debt were left unchanged at 475 billion yen each.

The BOJ also conducted a regular operation that offered to buy unlimited 10 year bonds at a fixed yield of 0.25%. The yield on the benchmark 10 year note rose 1.5 basis points to 0.245%, close to the BOJ's 0.25% ceiling.

The yield differential between Japan and other major economies has been widened because of BOJ Governor Haruhiko Kuroda's insist on a prolonged accommodative policy while the US and other developed market peers tighten. The government intervened on Thursday and prop up the currency for the first time since 1998 because of the yen slide.

Ataru Okumura, a strategist at SMBC Nikko Securities Inc. in Tokyo, said that the BOJ's increased bond buying is due to rising volatility across the curve. The possibility of the continued decline in the yen will boost inflation and pressure the BOJ to change policy, according to investors. None of the parents blamed TikTok for Hooking Kids and Meta in Dozens of Lawsuits.