For the fourth consecutive day on Thursday, the Bank of Japan (BOJ) conducted an unlimited buying of Japanese government bonds (JGBs).

The Japanese central bank offers to buy unlimited amounts of 10-year JGBs at 0.25%.

The BOJ on Wednesday, conducted an emergency market operation on Wednesday, in a desperate attempt to restrict the yields from piercing the 0.25% target.

Market reaction

USD/JPY fades a spike to daily highs of 122.45 following the BOJ’s operation, now trading at 122.13, still up 0.28% on the day.