The Bank of Japan ramped up bond buying on Tuesday as its yield cap came under renewed pressure from rising global interest rates, highlighting its difficulty in remaining a dovish outlier in a global wave of monetary tightening.
The central bank’s resolve to keep yields low has helped drive the yen down to 24-year lows against the dollar, as investors have focused on the gap between Japan’s ultralow interest rates and expectations of aggressive hikes by the U.S. Federal Reserve.
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