Saudi Arabia has shut down half of its oil production after drones attacked the world's largest oil processing facility in the kingdom.Marketsread more
Yemen's Houthi rebels have claimed responsibility for the attacks, which created a huge fire at a processor essential to global energy supplies.Politicsread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Trailers have become a cult phenomenon. Even short teasers that reveal little about the plot of the upcoming film are headline-worthy. Blogs and forums have become devoted...Entertainmentread more
Thanks to the performance of Beyond Meat, investors who focus on venture-backed tech IPOs have done well this year despite some notable disappointments.Technologyread more
Software company Intuit, maker of tax helper TurboTax, is in its eleventh year of stock gains and up 36% this year.Investingread more
CNBC did a deep dive through the most recent Wall Street research to find stocks with upside potential.Marketsread more
* BOJ to cut buying amount for JGBs in some maturity
* Move comes in wake of continued fall in JGB yields
* Finmin Aso says yield moves driven by market forces (Adds finance minister quotes, detail)
TOKYO, Aug 30 (Reuters) - The Bank of Japan said on Friday it will cut the amount of its government bond purchases next month, signaling to markets that it is seeking to prevent long-term interest rates from sliding further away from its target toward record lows.
The move comes as rising fears of a global economic recession sends bond yields sliding across the world.
The yield on 10-year Japanese government bonds fell to -0.290% on Thursday. That was only a whisker away from a record low of -0.3% and well below the -0.2% level perceived by some market players as the BOJ's line in the sand.
"Markets determine bond yield levels. The recent moves show there's money sloshing around in the economy," Japanese Finance Minister Taro Aso told a news conference on Friday.
In the face of such yield falls, the BOJ announced that it will reduce the amount of five- to 10-year JGBs it plans to buy in September to a range of 250 billion yen to 550 billion yen ($2.37 bln-$5.22 bln) at each operation, from 300 billion to 650 billion in August.
The central bank also said it will conduct four buying operations for five- to 10-year JGBs in September, keeping the frequency unchanged from August.
Sliding bond yields and potential signs of global recession have added to the policy headaches facing the BOJ, which must keep pumping money aggressively to spur growth but also prevent borrowing costs from sliding too far below its target.
Years of ultra-low rates have hurt commercial banks' profits, drawing warnings even from within the BOJ that further declines in yields could do more harm than good to the economy.
Under its yield curve control (YCC) program, the BOJ guides short-term rates at -0.1% and allows the 10-year Japanese government bond (JGB) yield to move roughly 40 basis points around a 0% target.
Some market players have been testing the BOJ's resolve to keep a floor on yields. A modest cut in the BOJ's bond buying earlier this month did little to push up the 10-year yield.
The BOJ purchases JGBs of varying maturities through market operations as part of the YCC scheme. (Additional reporting by Takahiko Wada Editing by Jacqueline Wong & Kim Coghill)