10 year US Treasury yields have broken through the 2.50% mark for the first time since mid-March aided by yesterday’s Bank of Japan’s decision to trim its longer dated JGB buying strategy while bond issuance and a jump in energy prices have also been factors at play. Oil prices trade to a new three year high and excluding the Japanese Yen, the US Dollar is stronger across the board. Meanwhile, US equities have made new highs, yet again! and all major European indices closed in positive territory. Longer dated core global yield started to move higher after yesterday’s news that the BoJ had reduced its purchases of JGBs maturing in 10-to-25 years and for those in more than 25 years. The 5% reduction was interpreted by some as a sign that the BoJ may be considering pulling back some of its stimulatory measures. USD/JPY dropped 60 points on the news and longer dated JGBs sold off. Bond issuance and spike in oil prices also played a role in the bond sell off with the move higher in US Treasury yields gathering momentum after the US open.
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