Morning Bid: Yield curve control morphs

News Snapshot:

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 30, 2023. REUTERS/Staff Acquire Licensing Rights A look at the day ahead in European and global markets from Tom Westbrook Japan's yield cap has evolved into a reference rate, with the Bank of Japan redefining its 1% limit on 10-year government bond yields as an "upper bound" rather than a rigid target. It will keep buying bonds, but time will tell whether and how tenaciously it will impede yields rising beyond 1%. The move was foreshadowed in the Nikkei newspaper and having bought...