At its daily operation, the Bank of Japan (BOJ) offered to inject massive cash into the financial markets, in a bid to counter the impact of rising long-term interest rates on the economic recovery.

Key details

“BOJ offers to pump JPY2 trillion via temporary bond buying.”

“Benchmark 10-year JGB hits 0.105%, highest since November 2021.”

“Key yield still within loose range BOJ sets around target.”

Separately, the Nikkei Asian Review reported earlier on, “the Bank of Japan's government debt holdings have fallen for the first time in 13 years as the central bank quietly adjusts its massive bond-buying program in the face of looming financial risk.”

“The BOJ's balance of Japanese government bonds totaled 521 trillion yen ($4.49 trillion) at the end of 2021, according to data released Wednesday, down 14 trillion yen from a year earlier,” the Japanese media outlet added.

Market reaction

USD/JPY was last seen trading at 115.96, down 0.12% on the day.