Dollar slides on GDP, Japan bonds fall on BOJ move

Weak US GDP data knocked down the dollar and yields on US government debt yesterday, while Japanese government bond yields rose the most in eight years after investors coolly received the Bank of Japan's latest effort to boost the economy. The US economy grew far less than expected in the second quarter as inventory investment fell for the first time in nearly five years, though a surge in consumer spending suggested underlying strength and provided a silver lining for investors. The BOJ doubled its purchases of exchange-traded funds, yielding to pressure from the government and financial markets for bolder action, but the move still disappointed investors who sought more audacious measures. The yen jumped 2.39 per cent against the dollar, whose decline put the trade-weighted dollar exchange rate on course for its biggest weekly fall in two months. Japan's 10-year bond yield soared 10 basis points to -0.17 per cent, on course for its biggest one-day rise since April 2008. World equity markets were mostly higher. A surge in Alphabet and Amazon.com lifted the Nasdaq following strong results after the bell on Thursday and helped the benchmark S&P 500 to rebound. But disappointing...

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