Global Market: Japan reassures markets over BOJ independence, fiscal reforms

Japan's government sought to reassure markets that the Bank of Japan's independence will be preserved and that it has no plans for reckless spending, after the benchmark 10-year JGB yield climbed to a 30-year high of 2.83 percent. Economy Minister Minoru Kiuchi said there are no immediate plans to revise the draft economic blueprint's fiscal or monetary policy language, which had sparked investor concerns about delayed BOJ rate hikes and worsening Japan's debt burden. Prime Minister Takaichi's administration has shifted fiscal targets, moving from annual primary budget surplus goals to a multi-year medium-term indicator and making the debt-to-GDP ratio the primary benchmark.