‘A Reversal Could Be Very Painful’: JGB Average Volume Hits All-Time Low

Right, so last week, the BoJ cut purchases of 5-to-10 year JGBs by JPY30 billion to JPY440 billion at its regular operations on Wednesday. Obviously, they're trying to squeeze these little nods at tapering in whenever circumstances permit so they can to give themselves some room in the event they need to mash on the accelerator even harder in the future (although the pedal is already to the metal). Really, it kind of seems like they may be targeting 10Y yields between 0.05% and 0.10% as oppo