The Bank of Japan (BOJ) said in a statement on Wednesday, it will consecutive unlimited fixed-rate purchase operations for 10-year Japanese Government Bonds (JGBs) at 0.25% from April 21 to 26.

The BOJ announced consecutive unlimited fixed-rate purchase operations to achieve policy to anchor 10-year JGB yields around 0%, in the face of the recent yield movements.

Earlier in the Asian session, the central bank conducted an unlimited fixed-rate purchase operation for JGBs for the first time this month after the 10-year JGB hit the 0.25% cap.

Market reaction

USD/JPY is consolidating the volatile moves around 128.60, down 0.23% on the day. The spot refreshed a 20-year peak at 129.40 before tumbling to 128.07 before reversing to the 128.70 price zone, where it now wavers.