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BOJ: Cash Curve Twist-Flattening After BoJ’s SoO

BOJ
Central Bank NewsAPACJapanBank of JapanBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

JGB futures are holding in positive territory, +6 compared to settlement levels.

  • Several Bank of Japan board members emphasised the need to consider raising the policy interest rate cautiously amid unstable markets and uncertainty over the US economy at the Sept 19-20 meeting, the summary of opinions showed.
  • “The Bank's basic thinking remains that if the outlook for economic activity and prices will be realised, the Bank will adjust the degree of monetary accommodation accordingly,” one member noted. “That said, financial markets have remained unstable. In making policy decisions, it is important for the Bank to carefully assess not only developments in financial markets at home and abroad but also the factors underlying these developments, such as the situation in overseas economies, particularly the U.S. economy.”
  • Cash US tsys are flat to 1bp richer in today’s Asia-Pac session.
  • The cash JGB curve continues to hold a twist-flattening, pivoting at the 2-year, with yields 4bps higher to 4bps lower.
  • Swap rates are 2bps lower to 3bps higher, with a steepening bias. Swap spreads are tighter out to the 10-year and mixed beyond.
  • Tomorrow, the local calendar will see Monetary Base and Consumer Confidence data alongside BoJ Rinban Operations covering 1-5-year and 25-year+ JGBs.
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JGB futures are holding in positive territory, +6 compared to settlement levels.

  • Several Bank of Japan board members emphasised the need to consider raising the policy interest rate cautiously amid unstable markets and uncertainty over the US economy at the Sept 19-20 meeting, the summary of opinions showed.
  • “The Bank's basic thinking remains that if the outlook for economic activity and prices will be realised, the Bank will adjust the degree of monetary accommodation accordingly,” one member noted. “That said, financial markets have remained unstable. In making policy decisions, it is important for the Bank to carefully assess not only developments in financial markets at home and abroad but also the factors underlying these developments, such as the situation in overseas economies, particularly the U.S. economy.”
  • Cash US tsys are flat to 1bp richer in today’s Asia-Pac session.
  • The cash JGB curve continues to hold a twist-flattening, pivoting at the 2-year, with yields 4bps higher to 4bps lower.
  • Swap rates are 2bps lower to 3bps higher, with a steepening bias. Swap spreads are tighter out to the 10-year and mixed beyond.
  • Tomorrow, the local calendar will see Monetary Base and Consumer Confidence data alongside BoJ Rinban Operations covering 1-5-year and 25-year+ JGBs.