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JGBS: BoJ Dep. Gov Flags Hike Discussion At January MPM

JGBS
BulletAPACFixed Income BulletsJapanMarkets

JGB futures are weaker, -52 compared to settlement levels, after yesterday’s holiday.

  • Outside of the previously outlined Current Account Balance, Trade Balance, and Bank Lending data, the market had a speech by BOJ Deputy Governor Himino to digest.
  • "In conducting monetary policy, it is difficult but essential to judge the right timing," Deputy Gov. Ryozo Himino said in a speech to business leaders in Kanagawa prefecture, near Tokyo. He said the bank will discuss whether to raise the policy rate or not at the meeting on Jan. 23-24, based on the latest outlook for the economy and prices. Although the deputy governor didn't strongly signal a hike next week, he said the economy and prices are on track toward the bank's goal. (per BBG)
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session. US PPI data will be released later today, ahead of CPI data tomorrow.
  • Cash JGBs are 3-6bps cheaper across benchmarks. The benchmark 5-year yield is 4.1bps higher at 0.870% after today’s mixed auction demand metrics.
  • Swap rates are flat to 4bps higher, with a steepening bias. Swap spreads are mixed.
  • Tomorrow, the local calendar will see M2 & M3 Money Stock and Machine Tool Orders data alongside BoJ Rinban Operations covering 1-10-year and 25-year+ JGBs. 
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JGB futures are weaker, -52 compared to settlement levels, after yesterday’s holiday.

  • Outside of the previously outlined Current Account Balance, Trade Balance, and Bank Lending data, the market had a speech by BOJ Deputy Governor Himino to digest.
  • "In conducting monetary policy, it is difficult but essential to judge the right timing," Deputy Gov. Ryozo Himino said in a speech to business leaders in Kanagawa prefecture, near Tokyo. He said the bank will discuss whether to raise the policy rate or not at the meeting on Jan. 23-24, based on the latest outlook for the economy and prices. Although the deputy governor didn't strongly signal a hike next week, he said the economy and prices are on track toward the bank's goal. (per BBG)
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session. US PPI data will be released later today, ahead of CPI data tomorrow.
  • Cash JGBs are 3-6bps cheaper across benchmarks. The benchmark 5-year yield is 4.1bps higher at 0.870% after today’s mixed auction demand metrics.
  • Swap rates are flat to 4bps higher, with a steepening bias. Swap spreads are mixed.
  • Tomorrow, the local calendar will see M2 & M3 Money Stock and Machine Tool Orders data alongside BoJ Rinban Operations covering 1-10-year and 25-year+ JGBs.