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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessBRIEF: ECB's Panetta-Time To Start Thinking Of NGEU Successor
MNI China Daily Summary: Wednesday, Aug 21
Bear-Flattening, Light Calendar, BOJ Riban Operations Due
In Tokyo morning trade, JGB futures are holding the uptick from overnight dealings on Friday, +3 compared to settlement levels.
- Today, the local calendar is empty, ahead of the BoJ policy decision tomorrow. While certain investors interpreted recent statements from BoJ officials regarding exit scenarios as a sign of an imminent shift away from yield curve control, we are inclined to view it as a strategic step in the extended process of preparing for a seamless transition, likely occurring around mid-year next year.
- The BoJ will conduct Rinban operations covering 1- to 25-year JGBs today.
- Bloomberg reports that the survival of negative-yielding debt is a reminder that investors need to be cautious when anticipating bold moves from the BoJ. (See link)
- Narrow ranges are persisting in early trade on Monday for cash US tsys. The early move lower has not yet followed through, with little meaningful macro newsflow crossing. This leaves cash tsys flat to 2bps cheaper, with a light steepening apparent.
- The cash JGB curve has bear-flattened, with yields 2.6bps to 0.8bps higher. The benchmark 10-year yield is 1.6bps higher at 0.712% versus the recent rally low of 0.622%.
- The swaps curve has bear-steepened, with swap spreads tighter out to the 10-year and wider beyond.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.