- The yen fell and global bond yields fell after the Bank of Japan signalled that it is not in a rush to remove negative interest rates.
- The yen sank as much as 1.5% to a one-week low against the dollar, while the Nikkei 225 market index rose as the Bank of Japan maintained its policy rate at -0.10%. Treasury 10-year yields decreased roughly two basis points, while German 10-year yields fell five basis points as yields fell across the eurozone.
- US market futures edged higher as the Nasdaq 100 set a new high for the second consecutive session on Monday. Crypto stocks such as Coinbase and Marathon were among the gainers as Bitcoin surged beyond $43,000.
- Japanese officials did not lay the framework for a move away from sub-zero interest rates, and B0J governor Kazuo Ueda resisted predictions of policy tightening as early as January.
- "The BoJ stance encouraged speculators to sell the yen, and there's relief that yields in Japan aren't likely to to to jump higher." stated Lee Hardman, a MUFG strategist. "That takes some of downside risk away for other major global bond markets as well" .
- BoJ's Governor Ueda: We won't hesitate to take additional easing measures if necessary.
