【今日单词】
recoup /rɪˈkuːp/
verb
regain (something lost or expended).
"rains have helped recoup water levels"
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原文如下：
The day in the markets
by Nikou Asgari
(来自：The Financial Time 金融时报)
What you need to know
• Global bonds and equities take hit after BoJ’s shock policy move
• Japan’s change to yield curve control triggers sell-off in sovereign debt
• Yen soars against dollar while Tokyo stocks retreat
Global government debt markets dropped yesterday after the Bank of Japan surprised markets by unexpectedly adjusting its policy of pinning long-term bond yields at ultra low levels.
The move sparked a sell-off in government debt with the yield on Japan’s 10-year bonds surging by as much as 20 basis points to 0.47 per cent, its highest level since 2015, before easing to 0.41 per cent.
Other sovereign debt yields climbed higher, pointing to a fall in price.
The yield on 10-year US Treasuries climbed to a three-week high of 3.70 per cent while UK 10-year gilt yields rose by 10bp to 3.6 per cent and Germany’s 10-year Bund yield rose by a similar level to 2.27 per cent.
Japan’s yen jumped 4.2 per cent to trade at ¥131.20 against the US dollar. The pound fell 0.1 per cent against the dollar to $1.21.
BoJ governor Haruhiko Kuroda denied that the yield curve control change marked a pivot away from Japan’s ultra-loose monetary policy, saying that adjusting the yield target “does not signal the end of YCC or an exit strategy”.
The BoJ kept overnight interest rates at minus 0.1 per cent, setting it apart from other key central banks that this year have raised rates rapidly in an effort to tackle high inflation.
Tohru Sasaki, head of Japan market research at JPMorgan, said the BoJ’s move was borne out of concern about the effect that volatility in global markets was having on Japanese markets.
“If a market malfunction is also an important reason for today’s move, a further move may follow because just a 25 [basis point] move cannot end or improve the malfunctioning,” he added.
Jim Reid, head of global fundamental credit strategy at Deutsche Bank, said: “It’s important not to underestimate the impact this could have, because tighter BoJ policy would remove one of the last global anchors that’s helped to keep borrowing costs at low levels more broadly.”
The BoJ’s shock move also sent equity markets lower. The benchmark S&P 500 and tech-heavy Nasdaq Composite recouped morning losses to trade flat by midday trading on Wall Street.
Across the Atlantic, the Stoxx Europe 600 index closed down 0.4 per cent while London’s FTSE 100 pared back losses from earlier in the session to close up 0.1 per cent.
In Asia, Tokyo’s Topix index dropped 1.5 per cent.
