Reacting positively to Japan’s central bank’s move to changes in its funds rate, Sumitomo Mitsui Financial Group blasted upward to a new high for the year. As the yen strengthened on the news, investors found reasons to buy the big Chiyodo-based bank.
The bank changed its “yield curve policy,” a bond person term meant to describe the difference between short-term and long-term interest rates. With the new framework, it’s now possible for yields on the 10-year to climb higher, an indication of Japan’s concerns about inflation.
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