The Bank of Japan's Buyout of JGBs

The Bank of Japan offered to buy new JGBs from markets on Tuesday and Wednesday. Both were seen as a litmus test for everybody, including global bond markets. The results of the B.O.J.'s buying operation came out at around 1230 p.m., but there was no one-sided selling or anything like that. Once that was established, then once again, we see a rally into their clothes," he says. "And indeed that carried over into a strong 10 year US treasury auction overnight"

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