Japanese stocks jump, yen weakens as BOJ overhauls policy

September 21, 2016 5:12 AM

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Japanese stocks jump, yen weakens as BOJ overhauls policy

HONG KONG Japanese stocks rallied and the yen weakened in a volatile session on Wednesday after the Bank of Japan decided to adopt a target for long-term interest rates in an overhaul of its massive monetary stimulus programme.

The BOJ maintained its 0.1 percent negative interest rate, but abandoned its base money target and instead set a "yield curve control" under which it will buy long-term government bonds to keep 10-year bond yields around current levels of zero percent.

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