A look at the day ahead in U.S. and global markets from Mike Dolan.
Judging by Wednesday's reaction, world markets reckon Japan will eventually abandon its ultra-loose monetary policy despite a stubborn doubling down this week - and overseas ructions may be less than feared.left its rock-bottom interest rates unchanged on Wednesday and kept its government bond yield cap at 0.5%, defying expectations it would phase out the stimulus programme as inflation builds.
The yen lunged lower to begin with, but then quickly rebounded. Dollar/yen settled back below 130 - roughly where it closed last Thursday - and remains down 1.2% for the year so far and down almost 15% since October.Japan's 10-year government bond yield crept back towards the 0.5% cap after an initial drop - indicating how the BOJ will likely have to continue buying hundreds of billions of dollars of bonds to retain the cap and how that is seen as unsustainable over time.
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