31.   Last year, the central bank signaled its determination to keep rates low by driving the overnight rate below the discount rate for the first time.

32.   Low overnight rates help bonds by reducing fund-raising costs for banks and other large investors that borrow money at maturities of less than a year to buy longer-term bonds.

33.   Lower overnight rates are good for bonds because many investors pay for their fixed-income purchases by borrowing money at shorter maturities.

34.   Low overnight rates are good for bonds because many investors fund their fixed-income purchases by borrowing at shorter maturities.

35.   Low overnight rates help bonds because many investors fund bond purchases by borrowing in the short-term money market.

36.   Many analysts expect the FOMC to cut overnight borrowing rates to prevent a recession.

37.   Many investors borrow money at the lower overnight rate to fund their bond purchases.

38.   Local banks have been raising interest rates this week following a rise in overnight rates on strong demand for funds, analysts said.

39.   Many traders borrow to finance bond market investments at overnight rates.

40.   Market participants had expected the Bank of Japan to continue guiding overnight rates, already trading near historic lows, lower and closer to the discount rate.