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Bank Of Japan's Week Of Bond Market Meddling Spikes Global Yields
Market Depth
The Risks of Bank of England's Emergency Yield Curve Control Offering
Capital is flowing out of global fixed income markets and back to Japan for higher yields on Japanese government bonds (JGBs)/nThere is a risk of an extremely volatile and unstable market structure that can cause widespread disruptions/nHistorically, volatile moves in global bond markets have occurred in response to changes in Japan's monetary policy/nA spike of 100 basis points in US Treasury yields, similar to what happened in the UK gilt market in late September 2022, would have significant repercussions/nThe Bank of England intervened with emergency yield curve control to prevent a market implosion/nThis week, following Bank of Japan's decision to lift yield curve controls, ten-year JGB yields rose by about 20 basis points to decade highs/nSharp directional moves in JGB markets have spillover effects on other sovereign bond markets
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