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Japanese 10-year bond yield falls to lowest level since April 2013

FXStreet (Mumbai) - The surprise expansion in the monetary base announced by the Bank of Japan (BOJ) today has pushed the yields at the long end of the Japanese bond market curve lower, while the yields at the short end seems to be rising.

The ten-year yield fell to 0.45%, a level last seen in April 2013 when the BOJ had announced their QE program. The yields fell today as the BOJ announced that it would expand its annual asset purchases to JPY 80 trillion from the previous target range of JPY 60 trillion to JPY 70 trillion. Moreover, the BOJ has moved in the opposite direction to the US Federal Reserve, which may begin telegraphing a first interest rate after ending its bond Buying program earlier this week. The move has pushed Yen to tits lowest since 2008 against the US Dollar, leading to a sharp rise in the stock markets to 2007 levels.

Ten-year yield Technical level

The yield, currently at 0.465%, has an immediate support at the daily low of 0.45%. On the flip side, resistance is seen at 0.479% and 0.487%.

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