May 23, 2013 / 1:45 AM / 5 years ago

BOJ says market op conducted in reaction to volatility in long-term rates

TOKYO, May 23 (Reuters) - The Bank of Japan said on Thursday that the market operation it conducted the same day was done in reaction to excessive volatility in long-term interest rates.

The 10-year Japanese government bond cash bond yield rose as high as 1.000 percent on Thursday, its highest in more than a year, after Federal Reserve Chairman Ben Bernanke hinted that the U.S. central bank might slow its bond purchases later this year if the U.S. economy improves further.

The BOJ offered on Thursday to buy 110 billion yen ($1.1 billion) in Japanese government bonds outright with residual maturities of up to one year starting May 27.

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