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Quantitative Finance · Glossário

O que é Yield-curve control?

Definition 7.5 Markets II: Rates, FX and Credit · Capítulo 7 — European and Japanese Government Bonds

Yield-curve control is a policy in which the central bank sets a target for a long-term government bond yield and buys, in whatever amount necessary, to hold it there, in addition to setting the short rate.

The ten-year Japanese government bond yield, monthly averages, 2007 to August 2026. Under yield-curve control (shaded) the Bank held it near its target; after the exit it rose to the highest levels of the period. Data: OECD, via FRED; dates of the policy from the Bank of Japan’s statements.
Figure 7.2. The ten-year Japanese government bond yield, monthly averages, 2007 to August 2026. Under yield-curve control (shaded) the Bank held it near its target; after the exit it rose to the highest levels of the period. Data: OECD, via FRED; dates of the policy from the Bank of Japan’s statements.
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