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Japan's key bond yield hits 2.5-yr high after BOJ policy adjustments

TOKYO (Kyodo) -- The yield on the benchmark 10-year Japanese government bond rose to the highest level in more than two years on Wednesday as investors sold the debt after the Bank of Japan adjusted monetary policy the previous day.

The yield on the No. 351, 0.1 percent issue, the main yardstick of long-term interest rates, ended interdealer trading at 0.125 percent, up 0.080 percentage point from Tuesday's close and the highest since January 2016.

The price of the September futures contract for 10-year bonds declined 0.83 point to 149.86 on the Osaka Exchange.

The BOJ on Tuesday announced it would allow long-term rates to fluctuate in the range of its guidance, a move widely seen as an effort to curtail the side effects of the central bank's massive bond purchases on the market.

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