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BoJ Goes For Nuance With ‘Flexible’ YCC
The BoJ, under new governor Kazuo Ueda, went for nuance on Friday, but I'm afraid they might've engendered a bit of confusion in the process.
A Nikkei report suggesting the bank might tweak its yield-curve control corridor at the July meeting unnerved US markets late Thursday and had traders on edge in the lead up to the policy statement. Sure enough, the BoJ announced a tweak. Sort of.
The bank kept the 0.5% range, but instead of a "rigid" (their word) corridor, it's now a "reference" region.
