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The yield on the 30-year JGB rose 3.5 basis
points to 1.695 percent, the biggest intraday rise in three
months.
The BOJ said late on Wednesday that purchases of maturities
exceeding 10 years in its regular market operations will be cut
to between 130 billion yen and 350 billion yen ($1.3 billion and
$3.4 billion) from 150 billion and 350 billion yen now.
The small fine-tuning was enough to unsettle a market that has
become so dependent on the BOJ, which buys an amount equal to 70
percent of new JGB issues in its quantitative easing programme.
Shorter maturities fared better, taking their cue from a rise in
U.S. bond prices after the Federal Reserve took a more dovish
stance on monetary policy than some market players had expected.
The Fed showed no particular discomfort on inflation despite a
recent pick up in prices, and it lowered the long-term
projections for interest rates.
The 10-year JGB yield fell 0.5 basis point to a two-week low of
0.585 percent while the price of 10-year JGB futures rose 0.12
point to 145.39.
(Reporting by Hideyuki Sano; Editing by Shri Navaratnam)
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