FXStreet (Mumbai) - Bank of Japan (BOJ) ramped up its easing campaign by cutting its benchmark interest rate below zero to -0.10%. The markets caught by surprise, responded by sending the yields on the 7-year Japanese government bonds (JGB) into the negative territory. The 7-yr yield fell to a low of -0.067% following BOJ’s announcement. Meanwhile, the benchmark 10-yr yield fell to 0.11%. The move is also being read as a sign that the bank is no longer comfortable with the idea of increasing its JGB purchases and hence is resorting to negative rates. For more information, read our latest forex news.