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Free AccessBoJ Slashes JGB Purchases For April
JGB futures slid in overnight trade, with most of the move coming on the back of the BoJ's April Rinban plan, with the Bank set to buy Y550bn less paper in April vs. March. The contract finished overnight dealing 23 ticks below Tokyo settlement levels, with weakness in U.S. Tsys keeping a lid on the contract through the remainder of the session.
- Early news flow has seen Yomiuri report that the Japanese government will apply COVID restriction to Hyogo and Miyagi prefectures. Elsewhere, Osaka has requested tighter COVID curbs covering a 3 week period. The Japan Times cited local media reports suggesting that new restrictions in Osaka could take effect as soon as today.
- The Tankan survey headlines the local economic docket on Thursday, with 10-Year JGB supply also due.
Residual Maturity | Purchase Size Per Operation In April (Ybn) | Previous Purchase Size Per Operation (Ybn) | Number Of Operations In April | Number Of Operations In March | Estimated Change In Monthly Purchases In April Vs. March (Ybn) |
---|---|---|---|---|---|
Under 1-Year | 150 | 100 | About 1 | 2 | -50 |
1-3 Years | 475 | 400 | 4 | 5 | -100 |
3-5 Years | 450 | 370 | 4 | 5 | -50 |
5-10 Years | 450 | 420 | 4 | 5 | -300 |
10-25 Years | 200 | 120 | 1 | 2 | -40 |
25+ Years | 50 | 30 | 1 | 2 | -10 |
JGBis | 60 | 30 | About 1 | About 2 | 0 |
Floating Rate JGBs | 30 | 50 | 1 A Quarter | 1 Every 2 Months | n/a |
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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.