Bonds

The BOJ's huge paper loss on its bond holdings will make monetary policy navigation difficult.
Bank of Japan

BOJ's paper loss on bond holdings spikes tenfold

Hit to Japan central bank's assets grows to $71bn as yield cap is raised

18 March 2023
Bank of Japan Gov. Haruhiko Kuroda's tenure was marked by a string of policy decisions that caught market players off guard.
Comment

Kuroda's surprise-filled tenure at BOJ comes to quiet close

Ueda's challenge: fixing communication breakdown between bank and markets

13 March 2023
The BOJ is trying to curb short-selling of government bonds as it faces difficulty in maintaining its yield curve control.
Bank of Japan

BOJ's move to curb bond short-selling is working, with side effects

Brokerages have hard time procuring bonds as supply dries up

8 March 2023
Investors are starting to see Japanese government bonds in a more positive light. (Photo by Masaru Shioyama)
Bonds

Japan's top banks bide time on bonds, with eye on BOJ

Mizuho, Sumitomo Mitsui and others watch for possible end to yield curve control

5 March 2023
Norinchukin Bank Chief Investment Officer Hiroshi Yuda signaled caution on new investments, given recent market volatility. (Photo by Kosuke Imamura)
Interview

Japan's Norinchukin Bank 'vigilant' after slashing U.S. bond holdings: CIO

Farm lender's CLO position isn't especially large now, investment chief says

4 March 2023
Japanese long-term interest rates have tested the upper limit of the Bank of Japan's tolerance band. (Photo by Mayumi Tsumita)
Companies

Rising interest rates pose unaccustomed risk to Japanese earnings

Acquisition writedowns hurt bottom line at Dentsu, THK

17 February 2023
Chinese holdings of U.S. Treasury securities are expected to continue falling in 2023.
Bonds

China's U.S. Treasury holdings hit 12-year low on rate hikes, tensions

Gold imports up 60% as Beijing diversifies reserves

17 February 2023
Analysts anticipate a monetary policy course change by the Bank of Japan under Kazuo Ueda, who has been nominated as the next governor.
Bank of Japan

BOJ will scale down ultraloose policy this year: analyst survey

Economists mostly expect change to yield curb control or complete exit

16 February 2023
Throughout January, many investors speculated that the BOJ would move to shift away from its ultraloose monetary policy.
Bonds

Japan bond delivery failures highest since global financial crisis

BOJ purchases squeeze liquidity even as outstanding balance tops $7.6tn

11 February 2023
Inflation and distortions in the bond market are seen pressuring the Bank of Japan to adjust its policy.
Bonds

Overseas investors continue Japan bond sales even as BOJ stands pat

Speculation for monetary policy shift continues to grow

10 February 2023
Bank of Japan Deputy Gov. Masayoshi Amamiya, left, has been the architect of many of the monetary policies adopted under BOJ Gov. Haruhiko Kuroda (Source photos by Yoichi Iwata and pool photo)
Comment

Bank of Japan's policy dilemma has echoes of Fed history

Potential candidate to lead BOJ has perspective on ending crisis role

7 February 2023
Career central banker Masayoshi Amamiya has been the brain behind much of the Bank of Japan's monetary policy for two decades. (Photo by Yoichi Iwata)
Bank of Japan

Japan sounds out BOJ deputy Amamiya for central bank governor

Exclusive: Final discussions underway for nomination of Kuroda's successor

6 February 2023
Chinese tourists flocked to Asian destinations like Bali, Indonesia, during the Lunar New Year holiday.
Markets

Hopes for China's economic reopening buoy Asian currencies

Positive signs draw money back to emerging markets, but uncertainty remains

4 February 2023
The Government Pension Investment Fund has posted losses four quarters in a row.
Finance

Japan pension 'whale' GPIF posts longest loss streak in 20 years

High interest rates and rising yen behind poor performance

4 February 2023
Bank of Japan Gov. Haruhiko Kuroda on Feb. 3 explains to a lower house committee how unrealized losses on the central bank's holdings of government bonds have drastically increased.
Bank of Japan

BOJ's unrealized losses on JGB holdings grow to $68.4bn

Central bank's yield cap decision in December played significant role

3 February 2023
SMFG and Culture Convenience Club will join their popular V Point and T-Point rewards systems as the banking group seeks partnerships beyond traditional financial services.
Interview

Japan's SMFG looks outside traditional banking for growth: CEO

Overseas markets will be focus despite geopolitical risks, Jun Ohta says

1 February 2023
The rise in currency hedging costs means Japanese investors currently stand to lose money from investing in 10-year U.S. Treasurys.
Bonds

Japanese investors dump foreign bonds in return to domestic market

Mounting currency costs prompt shift that could push down Japan long rates

26 January 2023
A rare accounting situation cropped up once the Bank of Japan increased its already massive buying of government bonds following sharp rises in their yields. (Photo by Karina Nooka)
Bonds

BOJ owns more than 100% of four 10-year bond issues, books show

Rare situation suggests JGB market has lost more of its functionality

25 January 2023
BOJ Gov. Haruhiko Kuroda looks at his watch during a Jan. 21 news conference in Tokyo.
Bank of Japan

BOJ tries market's patience by stretching truth about easing

Kuroda's statements no longer taken at face value after December blindside

24 January 2023
Bank of Japan Governor Haruhiko Kuroda, who is due to retire in April after 10 years in the job. (Nikkei montage/Reuters/Satoko Kawasaki)
Market Spotlight

Bank of Japan's communication breakdown leaves investors in dark

Like the U.S. Federal Reserve, the BOJ has trouble making itself understood

23 January 2023
Bank of Japan Gov. Haruhiko Kuroda framed the central bank's expanded lending program as a tool to help correct the yield curve. (Pool photo)
Bonds

Dysfunction plagues Japan bond market as BOJ sticks to its guns

Central bank's unprecedented easing faces its limits

19 January 2023
The yield on benchmark 10-year Japanese government bonds exceeded 0.5% on Jan. 13 despite the Bank of Japan's record purchasing.
Bonds

BOJ to buy more government bonds Monday after record purchasing spree

Japan's central bank confronted with rising yields ahead of policy meeting

16 January 2023
Foreign investors expect another step away from the BOJ's ultraloose monetary policy at next month's policy board meeting. (Photo by Akira Kodaka)
Bonds

BOJ's record-breaking $78bn bond buying fails to halt rising yields

Investors keep up pressure for policy change as market distortion persists

14 January 2023
Data from Japan's Ministry of Finance shows record net selling of medium- and long-term Japanese government bonds by foreign investors. (Photo by Hideyuki Miura)
Bonds

Foreign investors dumped Japan bonds in record sell-off in 2022

Yields rose despite BOJ efforts amid 10tn yen in net selling of JGBs

13 January 2023
Japan's benchmark 10-year bond yield hit 0.5% on Jan. 6. (Photo by Kosuke Imamura)
Bonds

Japan's 10-year bond yield hits BOJ's new 0.5% cap

Government debt finds few buyers beyond the central bank

7 January 2023