Dysfunction plagues Japan bond market as BOJ sticks to its guns

Central bank's unprecedented easing faces its limits

20230118 Kuroda presser

Bank of Japan Gov. Haruhiko Kuroda framed the central bank's expanded lending program as a tool to help correct the yield curve. (Pool photo)

SETSUO OTSUKA, KENICHI ONOZAWA and TOSHIHIRO SATO, Nikkei staff writers

TOKYO -- The Bank of Japan's yield curve control policy has wreaked havoc over the country's bond market, from drying up the supply of 10-year government bonds to interfering with the issuance of corporate debt.

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