- PolicyPolicy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: - G10 MarketsG10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts - Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- CommoditiesCommodities
Real-time insight of oil & gas markets
- Data
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI China Daily Summary: Friday, September 15
US$ Credit Supply Pipeline
Bear Steepening Extends Through Afternoon Post-Rinban
JGB futures held lower on Monday, looking through a modest uptick in U.S. Tsys linked to UK fiscal matters., last -14, respecting the base of their overnight session range thus far.
- Cash JGBs run flat to 6bp cheaper across the curve, bear steepening. 10s are limited by their proximity to the upper end of the range permitted by the BoJ’s YCC settings and 7s sold off more than surrounding lines on the weakness in futures.
- A steady to slightly higher round of cover ratios in today’s BoJ Rinban operations has added the steepening, particularly given the recent upsizing of the super-long end purchases from the Bank (i.e. more super-long sellers were seen this time out in nominal terms).
- The idea of higher business tax rates was flagged by the ruling LDP Party tax chief over the weekend, but that did little to support the space.
- BoJ Governor Kuroda reiterated his previous musings re: the need for continued monetary easing, while Finance Minister Suzuki and top FX diplomate Kanda reiterated their own recent rhetoric re: FX matters.
- Japanese PM Kishida once again pointed to the need for continued government-BoJ cooperation, which will factor into his choice for Kuroda’s successor.
- 20-Year JGB supply headlines domestic matters on Tuesday.
To read the full story
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
Why Subscribe to
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.