SYDNEY, Jan 18 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Global bond markets breathed a sigh of relief and U.S. 10-year yields eased 8 basis points to 3.48%. The BOJ will continue to buy bonds in whatever amount necessary to maintain its target for 10-year JGB yields at zero. It was unclear how meaningful this change would be, but the BOJ's defiant stance did see 10-year JGB yields backtrack to 0.36% from an early high of 0.51%. Analysts still suspect the BOJ will again have to buy a record amount of JGBs this month to maintain the ceiling.

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