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The Bank of Japan (BOJ) board member Suzuki is back on the wires now, via Reuters, noting that they do not need to be too rigid about range at which BOJ allows 10-year yields to move.

Further Comments:

Current JGB yield moves might be somewhat extreme but may normalize over time.

Don’t see need to ease further now.

If BOJ were to ease in future, it must ensure merits of doing so exceed demerits.

Interest rates in Japan have not yet reached ‘reversal rate,’ or level at which demerits of low rates exceed merits.

Hard to say when Japan may see interest rates reach level deemed ‘reversal rate’ but it may not be too far in the future.