BOJ makes no policy change despite market pressure, bond yields drop

The Bank of Japan on Wednesday left its ultralow rate policy unchanged and Governor Haruhiko Kuroda shot down the prospect of changing its cap on long-term bond yields again, sending the yen and yields plunging.Despite forecasting inflation to reach 3 percent, above its 2 percent target, the BOJ stuck to its yield curve control program at the end of a two-day policy meeting. The scheme is designed to keep short-term and long-term interest rates at rock-bottom levels to support the economy.The 0.5 percent cap on 10-year Japanese government bond yields was retained in a push-back against mark…READ FULL ARTICLE