Takahide Kiuchi: A sale of three-month securities Thursday produced a negative average yield for an eleventh straight auction since June, according to The Japan Times. The amount of T-bills circulating in the market contracted to the least since the central bank unveiled record stimulus in April 2013, according to Totan Research Co. The BOJ this week expanded its liquidity-providing facility to include treasury bills, whose yields below zero across maturities ranging up to one year point to demand that far outweighs supply. Policy board member Takahide Kiuchi said Thursday the side effects of the BOJ program are increasing, and will be difficult to handle. Hiroshi Nakaso said the central bank is monitoring to see whether quantitative easing is undermining liquidity. A day earlier, Deputy Gov.
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