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Japan's 10-year bond yield rose to 3 percent, its highest level since 1996, indicating a decoupling of Bank of Japan policy from the Federal Reserve. Simon Dixon notes this shift stops investors from borrowing at zero percent to buy US Treasuries.
The Bank of Japan raised its 10-year yield to 3%, the highest since 1996. Simon Dixon notes this policy change decouples Japanese monetary policy from the Federal Reserve and winds down the cheap credit carry trade.
Traders are pricing in a higher probability that the Bank of Japan will raise interest rates at its upcoming September meeting. The anticipated rate hike would increase the benchmark rate from 1% to 1.25%.
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