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Japan govt bond breaches yield cap, BOJ steps in with buying, loans.

Japan’s 10-year government bond yield on Wednesday breached the top end of the Bank of Japan’s policy band for a second straight session, prompting the central bank to step into the market with emergency bond buying and offering of loans.

Investors have renewed their attack on the BOJ’s ultra-loose interest rate stance, expecting the central bank to abolish its yield curve control (YCC) policy after incoming governor Kazuo Ueda takes the helm in April.

Ueda will testify before Japan’s lower house on Friday.

The yield on 10-year JGBs climbed to 0.505% on Wednesday, breaking through the central bank’s 0.5% cap and marking its highest level since Jan. 18. It last traded at 0.5%.

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