The BOJ maintained its target for the 10-year government bond yield at around zero percent and the short-term interest rate target at minus 0.1 percent, however. The decision comes after speculation last week that the Bank of Japan had been actively discussing changes to its policies, which caused Japanese government bond prices to fall steeply, and drove the benchmark 10-year yield to hit its highest in nearly six months. "I think the BOJ was successful in tweaking its policy scheme which did not greatly impact markets but introduced a tool, forward guidance for policy rates, for future tightening," he added. The BOJ's policy meeting comes ahead of the Federal Reserve's Federal Open Market Committee's monetary policy meeting on Tuesday U.S. hours, with a decision due on Wednesday from the American central bank.
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