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A Busy Domestic Docket, While BoJ-Related Side Effects Intensify

JGBS

JGB futures followed the general oscillations in core global FI markets in overnight dealing, albeit with the traditional lower beta. Leaving the contract +6 at the close of post-Tokyo trade, comfortably shy of best levels.

  • Liquidity issues caused by the BoJ’s notable holdings are starting to have an even more far-reaching impact on JGBs, with JGBs maturing in Mar ’24 & Mar ’32 being removed from the FTSE Russell WGBI, with the Jun ’32 & Sep ’32 JGBs set to follow suit soon.
  • After hours on Wednesday Japan's government lowered its main economic assessment from the previous month for the first time since February 2022 and also lowered its assessment of the world economy for the second straight month.
  • Looking ahead, services PPI data, the summary of opinions from the BoJ’s most recent monetary policy meeting (when it met the consensus of sell-side economists while defying the markets as it left its major monetary policy sessions unchanged, as well as adding a more meaningful backstop to its YCC mechanism) and 40-Year JGB supply headline the domestic docket on Thursday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank of Japan (BOJ) Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank of Japan (BOJ) Market NewsBulletMarketsFixed Income Bullets

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