JGB yields dive negative up to seven years after BOJ actions

After Bank of Japan (BOJ) introduced negative rates for first time by cutting policy rates by 20 basis points to -0.1% and promises to do more as required, Japanese government bond yields have taken a nose dive, along with Yen.

Japanese government bond yields are now trading negative up to 7 years.

• 2 year yield dropped -6.7% and now trading at -0.064%
• For 5 year, drop was sharper. Yield dropped -16%. Trading at -0.058%
• 8 year yield dropped as much 80%, to trade just above zero mark.
• 10 year yield is now trading at 0.11%, compared to day high of 0.23%
• 30 year yield has little changed in comparison. Down less than a percent to trade around 1.068%.

Further downside move is possible, even if market retrace some of today's move.

Yen is down -1.7% against Dollar, trading just shy of 121 mark. Equities are rallying and if continues throughout the day to New York session. Yen could lose more by Monday.

Japanese benchmark stock index Nikkei 225, closed 2.8% higher. Future is pointing to further gains, up 3.4%.