Economics
Japan’s Bonds Rally as BOJ Buys Debt, Domestic Stocks Pare Gain
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Japanese bonds rose, sending benchmark yields lower for the first time in seven sessions, as the central bank bought government debt for the third time this month and domestic shares pared an early surge.
The Bank of Japan said today it would buy 1 trillion yen ($10 billion) in notes from one to 10 years in maturity as part of its plan to stimulate growth through low borrowing costs. Tokyo won the right to host the 2020 Olympics, and data showed Japan’s economic growth in the second quarter was faster than originally estimated. The Ministry of Finance will sell 600 billion yen in 30-year government bonds tomorrow.