Kuroda Emulates Draghi on Negative Rates as Yield Drop Curbs Yen

January 29, 2016 8:35 AM

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Kuroda Emulates Draghi on Negative Rates as Yield Drop Curbs Yen

Bank of Japan Governor Haruhiko Kuroda is matching European Central Bank President Mario Draghi in pursuing negative interest rates, and even pulling ahead when it comes to driving longer-term bond yields lower.

The yen plunged more than 1 percent against the euro after Kuroda unexpectedly cut the rate on excess reserves held by financial institutions at the BOJ to minus 0.1 percent. Two-year Japanese government bond yields sank to minus 0.085 percent, closing the gap on German negative yields, while 10-yea...

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