Loan Plan – Japan’s Notes Rise Most in 13 Months on Central Bank Loan Plan
Japan’s five-year notes rose by the most in 13 months as the Bank of Japan said it will provide short-term loans to commercial banks, reinforcing speculation borrowing costs will remain near zero.
Yields on the debt declined to the lowest level since 2005 as central bank policy makers unanimously decided at an emergency meeting today to keep interest rates at 0.1 percent and said monetary easing will help lower longer-term rates. Demand increased at an auction of 2.2 trillion yen ($25.3 billion) in 10-year government bonds.
“Deflation is still the main focus, which means bonds are still in a bullish phase,” said Tokyo-based Takashi Nishimura, an analyst at Mitsubishi UFJ Securities Co., a unit of Japan’s largest bank by assets. “Interest rates will remain low for a prolonged period of time.”
source here.
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