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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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Free AccessBenchmark Futures Tumble Post-BoJ But Quick Rebound Ensues, Gov Kuroda's Presser Eyed
JGBs were volatile as the BoJ's monetary policy review took centre stage. Benchmark futures climbed to a session high of 148.95 in morning trade, but tumbled as trading restarted after the lunch break. During the pause in trading, the Policy Board announced the outcome of its unanimous vote to leave all key monetary policy parameters and dovish forward guidance unchanged, while tweaking the economic forecasts, sharply raising the inflation outlook and charting a flatter growth trajectory.
- Futures slumped to a session low of 148.41 in response to the BoJ's statement before a reassessment of the decision brought a rebound. The contract last deals at 148.66, unch. versus previous settlement.
- All eyes will are on Gov Kuroda's presser (15:30 JST/07:30 BST). His dovish briefing last month inspired aggressive yen sales, which led to Japan's first FX intervention to shore up its currency since 1998.
- Tokyo core CPI inflation, a bellwether of nationwide price dynamics, accelerated to the fastest pace since late 1980s, but the BoJ still sees the outcome as transitory, driven by temporary cost-push factors rather than the desired growth in wages.
- Ahead of the BoJ announcement, PM Kishida unveiled an Y29.1tn fiscal package designed to mitigate the impact of inflationary pressures.
- Cash JGB yields are lower across the curve, save for 5s, with curve flatter on the back of outperformance in the super-long end. 10s pulled back from the BoJ's 0.25% yield cap.
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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.