Following a local media leak on a possible adjustment to the Bank of Japan’s Yield Curve Control (YCC) framework, market sentiment quickly shifted from no change in YCC to some change – such as lifting the upper limit ceiling from the current 1.00% to 1.25%, or even higher. The BoJ’s verdict was eliminating the effective upper ceiling of 1%, but keeping 1% as a reference (raised from 0.5%) and ending daily fixed-rate bond purchases. This will give the central bank more flexibility but adds more uncertainty to the market. Many market participants probably think that today’s BoJ tweaks are minor, as major policy .

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