The BOJ conducted two additional rounds of unscheduled bond-purchase operations Thursday

The Bank of Japan buys Japanese Government Bonds (JGBs) as part of its yield Yield A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as Read this Term curve control (YCC) program to maintain loose monetary policy.

The BOJ buys JGBs in scheduled and unscheduled operations. Unscheduled buys are sometimes referred to as 'emergency' bond buys. The Bank conducted an unscheduled operation on Wednesday and did so again Thursday. After buying on Thursday morning (Japan time) the BOJ bought more later in the session.

Thus, two 'emergency' bond buys today:

• offered to buy unlimited amounts of two- and five-year notes at a fixed yield
• and also 600 billion yen of one-to-10 year bonds
• on top of a daily offer to buy 10-year debt at 0.5% (the new top of its current yield target)

Despite announcing the widening of the 10 year JGB band to +/- 0.5% the bank finds itself forced to continue to buy to defend yields. The widening of the band has encouraged traders to speculate that the Bank will be forced to lift the cap further or scrap it completely.

USD/JPY JPY The Japanese yen (JPY) is the official currency of Japan and at the time of writing is the third most-traded currency in the world behind only the US dollar and euro.The JPY is used extensively as a reserve currency and is relied upon by forex traders as a safe haven currency.Originally implemented in 1871, the JPY has had a long history and has survived multiple world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and the full oversight of the JPY by The Japanese yen (JPY) is the official currency of Japan and at the time of writing is the third most-traded currency in the world behind only the US dollar and euro.The JPY is used extensively as a reserve currency and is relied upon by forex traders as a safe haven currency.Originally implemented in 1871, the JPY has had a long history and has survived multiple world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and the full oversight of the JPY by Read this Term update:

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As a catch-up with the People's Bank of China today:

• sets USD/ CNY reference rate for today at 6.9793
• injected 205bn yuan of 7 day reverse repos, with 4 bn yuan maturing today, for a net injection of 201bn yuan in open market operations

While in China, stocks dropped on the session: