Morning JGB trade sees the yield on the 10-year rise to 0.655%

The soft tweak to monetary policy at its previous meeting saw the bank allow the 10 year to rise above its previous 0.5% cap. The new line in the sand is 1%.

We are not close to that. Yet.

USD/JPY is not far from its recent high, no jawboning from Japan as yet either. What to listen for:

• JPY alert: The clear signals to watch for imminent Bank of Japan FX yen intervention

Masato Kanda is the guy at Japan's Ministry of Finance who will instruct the Bank of Japan to intervene in the yen, if it comes to that.