Japan 10-year bond yield tad lower as BoJ members maintain ultra-easy policy stance in March meeting minutes

The Japanese 10-year government bond yield remained tad lower during Asian session Monday after members of the Bank of Japan (BoJ) stuck to maintaining its ultra-easy monetary policy stance at its March 8-9 monetary policy meeting minutes, released early today.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, slipped 1/2 basis point to 0.04 percent, the yield on the long-term 30-year note also remained tad lower at 0.72 percent and the yield on short-term 2-year hovered around -0.13 percent by 05:00 GMT.

The nine-member board took time debating how to best communicate their policy intentions at the March meeting. Some board members said growing market interest on when the BoJ could whittle down its massive stimulus program was partly behind the recent market volatility, the minutes showed.

"It was important for the BpJ to thoroughly explain to the public ... that the economy had not yet reached a phase where it should consider the timing and measures of a so-called exit from monetary easing", Reuters reporting, citing members of the BoJ’s policy board.

While a few board members called for more scrutiny of the potential demerits of the BoJ’s asset purchases, including its buying of exchange-traded funds (ETF), some voiced concern over the recent weakness in inflation and consumption in a sign the central bank could not afford to dial back stimulus any time soon.

Meanwhile, the Nikkei 225 index traded 0.13 percent lower at 22,444.15 by 05:10 GMT, while at 05:00GMT, the FxWirePro's Hourly JPY Strength Index remained slightly bullish at 76.60 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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