Wednesday's money market op a response to sharp JGB yield rise-BOJ official

TOKYO Wed May 15, 2013 12:56am EDT

TOKYO May 15 (Reuters) - An operation to supply the Tokyo money market with funds on Wednesday was conducted in response to a sharp rise in longer-term Japanese government bond yields, a Bank of Japan official said on Wednesday.

The benchmark 10-year JGB yield has spiked to its highest level in over a year this week as a relentless fall in the yen and surge in domestic share prices buffeted the debt market.

Through Wednesday's market operation the BOJ will supply 2.8 trillion yen ($27.44 billion) of funds to the market.