The Bank of Japan (BOJ) has increased flexibility in its Yield Curve control policy by shifting its language regarding the upper bound of the 10-year Japanese government bond yield. The BOJ will hold the target level of the 10-year JGB yield at 0% but will use 1% as a reference. The bank will allow yields to fluctuate within a range of plus or minus 0.5 percentage points from its 0% target level. The BOJ also increased the country's inflation outlook and maintained its short-term policy rate at -0.1%.

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