The BoJ/'Let there be songs to fill the air'/UPS wage-price relationship?
While the BoJ made a clear policy shift, it was more ambiguous as to what exactly they did. Rather than an exact move higher in the 10 yr yield they will now tolerate, it seems to be a range of .50-1.00% as 1.00% is the level that they will be back buying JGB's if the yield even gets there. The BoJ said "Taking into account extremely high uncertainty on…
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