A Touch Firmer Post-BoJ Unscheduled Purchase Offers

JGBs received some further support on the back of the previously outlined unscheduled BoJ Rinban purchase offers, which covered JGBs across the entire yield curve, while the unscheduled fixed rate operations covering 1- to 5-Year JGBs has seemingly had less impact.

• Benchmark JGBs run 0.5-4.5bp richer on the day, with the super-long end leading after well-received 30-Year supply and with the BoJ including 25+-Year JGBs in its off-schedule Rinban purchases (which isn’t always the case), while intermediates lag, after 10s pushed up against the upper limit permitted alongside the BoJ’s YCC scheme in recent days. Futures are now positive, +2 on the session.