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Yen tumbles as BOJ intervenes to keep bond yields pinned down

The Japanese yen slipped nearly 1% to a six-year low on Monday, after the Bank of Japan intervened to stop government bond yields from rising above its key target, while rising U.S. yields pushed the dollar higher against other currencies too. The BOJ, which has repeatedly said it is committed to keeping monetary policy loose, on Monday made two offers to buy an unlimited amount of government bonds with maturities of more than five years and up to 10 years. The dollar climbed roughly 0.95% to 123.25 yen, its highest since December 2015.

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