On December 20, the Bank of Japan unexpectedly adjusted the yield curve control plan, announcing that it would raise the upper limit of the yield target from 0.25% to around 0.5%, and increase the purchase scale of Japanese government bonds from January to March to 9 trillion yen/month . As the last central bank in the world to shift policy, the Bank of Japan’s policy adjustment will send “shock waves” through global financial markets, according to Bloomberg economists. The yen soared, the yield of Japan’s benchmark 10-year government bond almost doubled, the dollar plummeted, the yield of U.S. bonds rose, and global stock markets fell. | Related Reading (Wall Street Insights)
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