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Cash Bonds Cheaper As BoJ Dep. Gov. Confirms Hawkish Stance

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At the Tokyo lunch break, JGB futures are weaker, -7 compared to the settlement levels.

  • BoJ Deputy Governor Himino repeated the central bank's stance of raising interest rates further as long as the economy and prices grow as expected.
  • "The bank's basic stance on the future conduct of monetary policy is that it will examine the impact of market developments and the July rate hike and that, if it has growing confidence that its outlook for economic activity and prices will be realized, it will adjust the degree of monetary accommodation," Himino said in a speech to business leaders in Yamanashi prefecture. (per BBG)
  • Cash US tsys are slightly cheaper in today’s Asia-Pac session after yesterday’s modest net movements.
  • Cash JGBs are ~1bp cheaper across benchmarks. The benchmark 10-year yield is 0.9bps higher at 0.893% versus the cycle high of 1.108%.
  • Swap rates are flat to 1bp lower out to the 30-year and 3bps higher beyond. Swap spreads are generally tighter.
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At the Tokyo lunch break, JGB futures are weaker, -7 compared to the settlement levels.

  • BoJ Deputy Governor Himino repeated the central bank's stance of raising interest rates further as long as the economy and prices grow as expected.
  • "The bank's basic stance on the future conduct of monetary policy is that it will examine the impact of market developments and the July rate hike and that, if it has growing confidence that its outlook for economic activity and prices will be realized, it will adjust the degree of monetary accommodation," Himino said in a speech to business leaders in Yamanashi prefecture. (per BBG)
  • Cash US tsys are slightly cheaper in today’s Asia-Pac session after yesterday’s modest net movements.
  • Cash JGBs are ~1bp cheaper across benchmarks. The benchmark 10-year yield is 0.9bps higher at 0.893% versus the cycle high of 1.108%.
  • Swap rates are flat to 1bp lower out to the 30-year and 3bps higher beyond. Swap spreads are generally tighter.