Japan’s central bank is allowing more flexibility in its yield curve control policy, shifting the language used to describe the upper bound of the 10-year Japanese government bond yield.

In its release, the Bank of Japan said the target level of the 10-year JGB yield will be held at 0%, but will take the upper bound of 1% “as a reference,” it said in the latest release.

In July, the BOJ effectively widened its yield target band on the 10-year JGB by 50 basis points to 1% on either side. However, the bank indicated it will commit to allowing yields to fluctuate in the range of around plus and minus 0.5 percentage points from its 0% target level that was instituted last December.

Separately, the bank continued to hold its short term policy rate at -0.1%, even as core inflation in the country exceeded the stated 2% target for 18 consecutive months. The BOJ’s definition for core inflation excludes food prices.

Core CPI slowed to 2.8% in September from 3.1% in August, dipping below the 3% threshold for the first time in over a year.

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