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TOKYO: Japan’s 10-year government bond yields remained at the upper limit of the Bank of Japan’s target on Thursday, even as the central bank ramped up efforts to defend its target.

The central bank on Thursday launched a purchase of unlimited amounts of the bonds that would continue until next Tuesday to keep the 10-year JGBs from rising above the implicit 0.25% cap it sets around its 0% target.

The central bank boosted its defence on Wednesday after its single-day operation failed to lower the benchmark yields.

On the first day of its beefed-up operation, the bank had received no bids.

“With the BOJ’s latest move, the market reaffirmed the central bank’s message that it would defend its yield cap aggressively,” said Keiko Onogi, senior JGB strategist at Daiwa Securities.

“If the yields on 10-year JGBs are about to exceed 0.25%, the central bank would take the same or similar measures to defend its policy.” The 10-year JGB yield unchanged at 0.25%, and the 20-year JGB yield was flat at 0.775%.

The 30-year JGB yield rose 1 basis point to 0.990%. The 40-year JGB yield rose 0.5 basis point to 1.070%.

The two-year JGB yield fell 0.5 basis point to minus 0.055%. The five-year yield fell 1.5 basis points to 0.015%. Benchmark 10-year JGB futures rose 0.05 point to 149.15, with a trading volume of 18,134 lots.

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