TOKYO (Reuters) -Struggling to swim against the tide taking interest rates higher globally, the Bank of Japan staunchly defended its 0.25% yield cap on Monday by offering to buy an unlimited amount of government bonds for the first four days of this week.

Oil prices tumbled more than $5 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai launched a two-stage lockdown to contain a surge in COVID-19 infections.

(Reuters) -Britain's Ted Baker said on Monday it had rejected unsolicited non-binding takeover proposals from private-equity firm Sycamore Partners Management as they significantly undervalued the fashion retailer.

TOKYO (Reuters) -Oil prices fell more than $3 on Monday as fears over weaker fuel demand in China grew after its financial hub of Shanghai launched a planned two-stage lockdown on Monday to contain a surge in COVID-19 infections.

The Bank of Japan desperately defended its yield target on Monday by making two offers in a single day to buy an unlimited amount of government bonds, as rising long term interest rates posed the biggest challenge yet to its ultra loose policy.

The Bank of Japan on Monday offered to buy unlimited amounts of 10-year Japanese government bonds (JGBs) at 0.25%, stepping into the market to defend its implicit yield cap for the second time this year.