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Divided Bank of Japan sends muddled messages

Newly cautious Gov. Kuroda at odds with policy doves

Many of the top brass at the Bank of Japan's head office have sensed Gov. Haruhiko Kuroda's shift since he began his second five-year term in February. (Photo by Akira Kodaka)

TOKYO -- It was a day of mixed messages at the Bank of Japan, and the bond market here has been off-kilter ever since.

On July 31, while declaring that the central bank would now tolerate greater swings in long-term rates, Gov. Haruhiko Kuroda also pledged that the BOJ would stick to its promise to keep interest rates at ultralow levels for the foreseeable future.

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