The Bank of Japan failed to meet its target for purchases of short-term government securities on Friday, the first time since its asset-buying plan was put in place and raising questions about the effectiveness of the key monetary policy tool.
Europe's sovereign debt crisis has boosted global investors' appetite for short-term Japanese government notes as a safe-haven asset, pushing borrowing costs below the central bank's policy rate of 0.1 percent for up to three months. (Reuters)
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