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BofA Remain Constructive On The Japanese Front-End

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Bank of America “remain constructive on the front-end even after 1-Year x 1-month OIS has fallen to +0.22% from its peak of +0.36%. While the market would naturally assign a much greater likelihood to higher front end-rate than a deeper negative rate, the hurdle for the BoJ to continue hiking rates into positive territory is much higher than a one-off policy normalization (removal of YCC and NIRP) away from emergency stimulus settings.”

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Bank of America “remain constructive on the front-end even after 1-Year x 1-month OIS has fallen to +0.22% from its peak of +0.36%. While the market would naturally assign a much greater likelihood to higher front end-rate than a deeper negative rate, the hurdle for the BoJ to continue hiking rates into positive territory is much higher than a one-off policy normalization (removal of YCC and NIRP) away from emergency stimulus settings.”