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Cash Curve Twist-Steepener After Dovish Comments From BoJ

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JGB futures are stronger and near session highs, +36 compared to the settlement levels, after dovish comments from BoJ Deputy Governor Uchida.

  • (MNI) BoJ Deputy Governor Shinichi Uchida said “In contrast to the process of policy interest rate hikes in Europe and the United States, Japan's economy is not in a situation where the BoJ may fall behind the curve if it does not raise the policy interest rate at a certain pace. Therefore, the Bank will not raise its policy interest rate when financial and capital markets are unstable.”
  • Cash US tsys are 2-5bps cheaper in today’s Asia-Pac session. Today, the US calendar will see MBA Mortgage Apps and Consumer Credit data. Fed Collins is set to speak but is not expected to discuss policy. There is also a $42bn US tsy 10-year note auction.
  • The cash JGB curve twist-steepened, pivoting at the 30s, with yields ranging from 5bps lower to 3bps higher. The benchmark 10-year yield has decreased by 4.1bps to 0.860%, positioning it in the lower half of its 0.74-1.10% range from the past week.
  • Swap rates are 1-4bps lower out to the 10-year and 1-4bps higher beyond.
  • Leading and Coincident Indices are due shortly.
  • Tomorrow, the local calendar will see International Investment Flow, Trade Balance, Bank Lending and Tokyo Office Vacancies data. There is also 30-year supply.
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JGB futures are stronger and near session highs, +36 compared to the settlement levels, after dovish comments from BoJ Deputy Governor Uchida.

  • (MNI) BoJ Deputy Governor Shinichi Uchida said “In contrast to the process of policy interest rate hikes in Europe and the United States, Japan's economy is not in a situation where the BoJ may fall behind the curve if it does not raise the policy interest rate at a certain pace. Therefore, the Bank will not raise its policy interest rate when financial and capital markets are unstable.”
  • Cash US tsys are 2-5bps cheaper in today’s Asia-Pac session. Today, the US calendar will see MBA Mortgage Apps and Consumer Credit data. Fed Collins is set to speak but is not expected to discuss policy. There is also a $42bn US tsy 10-year note auction.
  • The cash JGB curve twist-steepened, pivoting at the 30s, with yields ranging from 5bps lower to 3bps higher. The benchmark 10-year yield has decreased by 4.1bps to 0.860%, positioning it in the lower half of its 0.74-1.10% range from the past week.
  • Swap rates are 1-4bps lower out to the 10-year and 1-4bps higher beyond.
  • Leading and Coincident Indices are due shortly.
  • Tomorrow, the local calendar will see International Investment Flow, Trade Balance, Bank Lending and Tokyo Office Vacancies data. There is also 30-year supply.