消息称日本央行对干预债市持谨慎态度

Core Viewpoint - The Bank of Japan (BOJ) sees limited necessity for emergency measures to curb rising government bond yields, as such actions contradict its efforts to reduce stimulus [1][3]. Group 1: Market Response and Bond Yields - The benchmark 10-year Japanese government bond yield has reached an 18-year high, raising concerns about the BOJ's response amid increasing expectations for a rate hike in December [1][4]. - Recent yield increases are attributed to investor uncertainty regarding the potential extent of future rate hikes by the BOJ and the amount of bonds the government will sell to finance the next fiscal year's budget [4]. Group 2: BOJ's Stance on Intervention - BOJ Governor Kazuo Ueda indicated that the recent rise in bond yields is "somewhat rapid" and reaffirmed the BOJ's readiness to respond swiftly in special circumstances [1][3]. - BOJ decision-makers are closely monitoring market trends but are currently reluctant to take action, such as increasing bond purchases or conducting emergency market operations, due to high intervention thresholds [1][3]. - The BOJ is cautious about intervening, as it could send the wrong signal to the market regarding the central bank's commitment to normalizing policy [2][4].