But it's also likely the BOJ have their finger on the intervention button to cap any runaway rally on USD/JPY."
Nevertheless, this is working in a way to increase the volatility of the global rates market.
This means it will still have a certain distance until the BOJ exit from the negative rate policy."
"A yield cap isn't a yield cap if you change it every time the market gets close."
The Bank of Japan could lift the negative policy rate to zero over the coming year.
Persons:
Kim Kyung, KYLE RODDA, MATT SIMPSON, JPY, it's, NOMURA, They've, TONY SYCAMORE, normalisation, TAKAYUKI MIYAJIMA, ROB CARNELL, they're, JEFF NG, TOM NASH, OMORI, SHOTARO KUGO, me, IZURU KATO, MARCEL THIELIANT, today's, FREDERIC NEUMANN, CHRISTOPHER WONG, BOJ's, Sherry Jacob, Phillips
Organizations:
National Printing Bureau, Bank of Japan, REUTERS, Bank of, Nikkei, SAXO, SONY, ING, UBS, CHIEF, DAIWA, OF, HSBC, Global, Thomson
Locations:
Tokyo, Japan, Bank of Japan, MELBOURNE, BRISBANE, SINGAPORE, TOKYO, U.S, SYDNEY, ASIA, PACIFIC, CHIEF JAPAN, stagflation, OF ASIA, YCC, HONG KONG