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mercredi 21 décembre 2022

Tous les titres

Fax du mercredi 21 décembre 2022 - Tous les titres

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A meaningful first step by the Bank of Japan to normalise monetary policy

By Carl VINE, Manager of MG (Lux) Japan Fund and MG (Lux) Japan Smaller Companies Fund The Bank of Japan (BOJ) finally announced a change in its Yield Curve Control (YCC) policy today. In and of itself, the move was modest, with overnight interest rates staying put at -0.1% and the YCC band for 10-year Japanese government bonds (JGBs) widening from 25bps to 50bps (this is the amount bond yields can move either side of their 0% target). In symbolic terms, however, the step is far more meaningful. Whilst markets had not been expecting a move in December, recent intimations from the BOJ had started to guide the market toward a pivot at some point in 2023. Following the announcement,...

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