The BOJ launches emergency bond purchases as rates reach a new 9-year high.

The benchmark 10-year Japanese government bond yield reached a new nine-year high on Thursday before retreating when the BOJ intervened once more to slow the rate of rise.

After the 10-year yield jumped to 0.655% for the first time since April 2014, the central bank offered to acquire 300 billion yen ($2.09 billion) of bonds coming in 5 to 10 years and 100 billion yen of paper maturing in 3 to 5 years.

The BOJ also made an unplanned 300-billion-yen purchase of notes with maturities ranging from 5 to 10 years on Monday, when the yield surged to 0.605% for the first time since June of 2014.

” The BOJ of course made the YCC framework more flexible, but it is trying to keep moves gradual given the large global uncertainties, particularly for the United Stated economy and interest rates,” said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui DS Asset Management.

If market movements remain excessively rapid, the BOJ will continue to intervene.”

Other JGB tenors’ yields fell from multi-month highs earlier in the day.

The 30-year yield, which had reached as high as 1.57%, was last trading at 1.56%, or 0.5 basis point higher than the previous day’s closing.

The 20-year yield had increased to 1.305% before closing at 1.295%, up 1.5 basis points from the previous session.

The five-year yield jumped 1.5 basis points to 0.2%, from 0.21% previously.

The two-year yield remained 0.5 basis point higher at 0.015%, anchored more solidly by the BOJ’s negative short-term interest rate policy.

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