Japanese government bond yields on . 10-year , 2-year to 10-year spread percentage points.
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A policy called yield curve control. From September 2016 to March 2024 the Bank of Japan targeted the 10-year yield itself, not just the overnight rate, buying government bonds to hold it near zero.
The Bank named no range until March 2021, when it allowed ±0.25%. It widened that to ±0.5% in December 2022, called the bounds references rather than limits in July 2023, and ended the policy on 19 March 2024.