Market Updates
Nikkei Drops 2.5% After Bank of Japan Widens Yield Target Range
Arjun Pandit
20 Dec, 2022
Mumbai
Asian markets closed lower after the Bank of Japan widened the upper end of the 10-year government bond yield to 0.5% from 0.25%.
The central bank said the range gap widening was designed to facilitate smoother functioning of the bond market.
The surprising move lifted the 10-year Japanese government bonds yield to 0.43% and spiked bond yields worldwide.
The Nikkei plunged 2.5% and the yen surged 3% to 132.24 against the U.S. dollar.
The Nikkei index fell 2.46% to 26,568.03, the Shanghai Composite index declined 1.1% to 3,073.77, the Hang Seng index fell 1.3% to 19,094.80 and the Sensex index eased 0.17% to 61,702.29.
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