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1

0:00/1:34

The Bank of Japan has eased controls on its government bond market, altering a cornerstone of its ultra-loose monetary policy and prompting a surge in the country’s benchmark bond yields to the highest level in nine years.

번역 보기
government bond market
국채 시장
cornerstone
초석, 기초
monetary policy
통화 정책
prompt
촉구하다, 부추기다
benchmark bond yield
기준 채권 수익률

2

0:00/1:34

In an unexpected move, the BoJ said it would offer to buy 10-year Japanese government bonds at 1 per cent in fixed-rate operations, in effect widening the trading band on long-term yields.

The central bank added that it was technically maintaining its previous 0.5 per cent cap on 10-year bond yields, but this level would be a “reference” rather than a “rigid limit”.

번역 보기
fixed-rate operation
고정금리 운용
in effect
결과적으로
rigid
엄격한

The move triggered confusion about whether the central bank would make further moves to unwind its easing policy, which has come under pressure this year from inflation that has hit four-decade highs.

But the BoJ held its overnight rate at minus 0.1 per cent, saying more time was needed to sustainably achieve its 2 per cent inflation target.

번역 보기
unwind
풀다
come under pressure
부담을 받다
sustainably
지속적으로

3

0:00/1:34

Kazuo Ueda, the BoJ governor who took over in April, said in a briefing on Friday that the central bank was “not ready” to allow yields to move freely, arguing this would amount to abandoning the bank’s longstanding bond-buying policy of depressing yields, known as yield curve control.

번역 보기
take over
취임하다, 이양하다
longstanding
오랫동안 지속되었던
depressing yield
금리를 낮추는 것
yield curve control
수익률 곡선 제어 정책

The 10-year JGB yield rose to as much as 0.572 per cent following the BoJ announcement, the highest level in almost nine years. Japan’s yen fluctuated, briefly falling as much as 1 per cent against the dollar before reversing course to be up 1 per cent and then turning again to be flat at ¥139.58.

The benchmark Topix stock index fell as much as 1 per cent before paring losses to close down 0.2 per cent, although a banking sub-index rose 4.5 per cent.

번역 보기
fluctuate
변동하다
pare
축소하다
close down
마감하다
banking sub-index
은행 하부지수

4

0:00/1:34

Japan is the only country in the world with negative interest rates.

But rate rises by the US Federal Reserve and the European Central Bank, compounded by inflation that has proven more widespread and resilient than anticipated, have put pressure on the BoJ’s ultra-loose policy stance.

번역 보기
interest rate
이자율
compound
악화시키다
resilient
회복력 있는, 탄력적인
anticipate
예상하다

Ueda has argued that price rises are not being driven by strong underlying consumer demand and will slow as the cost of imported commodities falls.

After struggling to lift the economy out of deflation for most of the past three decades, BoJ officials are cautious about unrolling easing measures without firmer evidence of rising wages.

번역 보기
underlying
기반이 되는
imported commodity
수입품
unroll
밝히다
measures
방안
firm
확고한
wage
임금

5

0:00/1:34

The BoJ governor said introducing “greater flexibility” into the central bank’s yield curve controls was a “pre-emptive” measure to address inflation risks and allow market forces to drive bond yield pricing while “enhancing the sustainability of our easing framework”.

번역 보기
pre-emptive
선수를 치는
framework
체제

“We expanded the room to address upside risks, but we also cannot ignore the downside risks,” Ueda added. The BoJ on Friday upgraded its inflation outlook for fiscal 2023 from 1.8 to 2.5 per cent while warning of upside risks to its fiscal 2024 forecast of 1.9 per cent.

But analysts questioned the BoJ’s logic and warned that the latest change would invite investors to test the bank’s resolve.

번역 보기
upside risk
상방 리스크 (긍정적인 결과의 불확실성)
fiscal
회계 연도
resolve
결의, 결심