By Kevin Buckland
TOKYO (Reuters) – The Bank of Japan bought 70.1 billion yen ($470.31 million) of exchange-traded funds (ETF) on Wednesday, data from the central bank showed, stepping into the market after Japanese stocks slumped amid a spike in U.S. Treasury yields.
The Topix index closed 2.5% lower at 2,218.89 on Wednesday, exceeding the 2% threshold that generally prompts the central bank to step into the market.
It is the third time the central bank has bought ETFs this year to support the market. The previous time was on consecutive days to March 14, buying 70.1 billion yen each time, as stocks fell following the collapse of Silicon Valley Bank.
($1 = 149.0500 yen)
(Reporting by Tokyo Newsroom; Writing by Kevin Buckland; Editing by Christian Schmollinger)