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Back From Lows

JGBS

Futures trade away from their early afternoon lows to last print 9 ticks lower on the day, ~25 ticks from worst levels. The language employed in the previously flagged Nikkei article pointing to the potential for the Bank to widen its permitted 10-Year JGB yield trading band to -/+0.25% from the current -/+0.20% is perhaps not as forceful as the title, using phrases like "envisioned policy change" and "will be looking at measures," as opposed to the more forceful title of "BoJ To Widen Interest Rate Target Range To Support Banks." Longer dated JGBs are now back to unchanged on the day after trading around 3.0bp cheaper in the early part of the Tokyo afternoon, with the 7-10 Year zone sitting ~0.5bp cheaper on the day.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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