10-year JGB yields are dribbling lower again today, easing to 0.38% as the BOJ looks to have successfully thwarted the attempt by bond bears to break their resolve - at least for now. Kuroda resigned to defeat with regards to any policy changes during his tenure and that means we shouldn't expect any major changes before he steps down on 8 April.
It will be interesting to watch this space again once speculation intensifies over who will take over from Kuroda and if the government wants to step further in the direction of policy normalisation thereafter. That will make the end-April policy meeting a big one to watch and if not, perhaps the one after - if they are to suggest any hints of a change in policy direction.
