URGENT: BOJ conducts special bond-buying operation, 1st since Feb. 22

The Bank of Japan on Monday announced a special open market operation to buy 300 billion yen ($2 billion) worth of Japanese government bonds, the first such purchase since Feb. 22, as long-term yields jumped.

The move came as the benchmark yield on 10-year bonds surged to a nine-year high above 0.6 percent at one stage on Monday following the central bank’s decision last week to allow it to rise past the 0.5 percent cap.