Bank Of Japan Tweaks ETF Program, Adds Flexibility On Yields, Introduces Forward Guidance On Rates

After what was an unusually long delay, presumably reflecting careful deliberation considering recent dramatic moves in Japanese bond yields, the Bank of Japan finally released its July policy decision. This comes after days of speculation regarding whether the bank would move to tweak things in an effort to i) mitigate the deleterious effects of bond buying on JGB market liquidity and bank margins and ii) adopt a more sustainable approach with regard to ETF purchases. In the decision, the Bo