BOJ intervenes as JGB yields hit fresh decade highs

TOKYO, Nov 01 (Reuters): The Bank of Japan intervened in the government bond market on Wednesday to rein in a jump in yields to fresh decade highs, underlining the challenge for the central bank a day after loosening its grip on long-term interest rates.
The 10-year Japanese government bond yield rose 2 basis points (bps) to 0.970 per cent, a level last seen in May 2013, before retreating to 0.960 per cent immediately after the BOJ announced an emergency bond-purchase operation.
Japan's central bank on Tuesday took another small step away from its decade-long commitment to ultra-easy stimulus by changing the 1 per cent ceiling for the 10-year yield to a reference point rather than a hard cap.