Here's Where the BOJ May Next Send a Signal on Japan Bond Yields

Investors face ’non-trivial’ risk of yen surge: Evercore ISI
BOJ typically holds two bond-purchase operations a week

People enter the Bank of Japan (BOJ) headquarters in Tokyo, Japan, on Wednesday, Sept. 13, 2017. The BOJ's next monetary policy meeting is scheduled for Sept. 21. The central bank pushed back in July the projected timing for reaching its 2 percent inflation target for the sixth time as economic growth failed to drive price gains.Photographer: Akio Kon/Bloomberg

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By Chris Anstey and Masaki Kondo

January 10, 2018 at 6:11 AM UTC

This article is for subscribers only.

Investors were put on notice this week that they may need to pay closer attention to the Bank of Japan this year.

Compared with the Federal Reserve and European Central Bank, the BOJ has offered only limited so-called forward guidance to investors on its policy outlook for the next year or two. That’s given traders rein to speculate on potential shifts, picking up on perceived signals such as Tuesday’s reduction in bond purchases at a regular BOJ operation.