Further comments by BOJ board member, Goushi Kataoka

  • Global economic risks are materialising, having some effect on Japan's economy

It seems like the BOJ isn't going to heavily intervene in the JGB market so long as the trend in the global bond market continues to call for lower yields over time.

To be fair, it isn't something that they can fight back against for a prolonged period if markets continue to side in that direction in the coming months. The BOJ would prefer to keep 10-year yields around +/- 0.20% but we're already seeing it break away since August:

JGB yields