BOJ reduces its purchases of 5 -10 year JGBs for the first time since December of 2018
In the scheduled operation today
For Japanese Government Bonds with 5 to 10 years remaining until maturity
- purchase 450bn yen
- previously 480 bn yen purchase
Minimal yen response, which tends to be the usual case in news such as this. the first time it happened (a year ago? longer?) yen was bought but the FX market pretty much shrugs it off now.
I posted earlier on JGB yields dropping to their lowest in 3 years and speculated we might see the BOJ in the market to drive yields back towards target.
If this is a response it ain't gonna be nearly enough.