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MNI China Daily Summary: Wednesday, March 29

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Contained Vol. On BoJ Speculation & Subsequent Gov’t Rebuttal

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HomepageBond Market NewsBank of Japan (BOJ) Market NewsBulletMarketsFixed Income News

JGBs have moved away from worst levels into the Tokyo close, leaving futures -19, while cash JGBs run 0.5bp richer to 2bp cheaper as the curve twist steepens, with a pivot around 5s. 10-Year JGB yields hover just below the upper limit permitetd under the BoJ’s current YCC parameters.

  • An early bid triggered by a Nikkei article pointing to the government tapping current BoJ Deputy Governor Amamiya as outgoing Governor Kuroda’s successor was quickly unwound, before the richening into the bell was observed.
  • While Amamiya is considered the most dovish of the three assumed candidates for the role, the Nikkei piece reiterated that policy normalisation will be the key focus for the next Governor (which allowed the initial richening to be unwound).
  • Government pushback then came to the fore, as the lunch break saw Deputy Chief Cabinet Secretary Isozaki note that there is no truth to the Nikkei report. This came after Finance Minister Suzuki said he hasn’t heard such discussions, although he conceded that he is “out of the loop” on the BoJ governor matter.
  • The BoJ & Amamiya issued ‘no comment’ responses to questions surrounding the article.
  • Looking ahead, tomorrow will see the latest round of 30-Year JGB supply, in addition to household wage and spending data.
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JGBs have moved away from worst levels into the Tokyo close, leaving futures -19, while cash JGBs run 0.5bp richer to 2bp cheaper as the curve twist steepens, with a pivot around 5s. 10-Year JGB yields hover just below the upper limit permitetd under the BoJ’s current YCC parameters.

  • An early bid triggered by a Nikkei article pointing to the government tapping current BoJ Deputy Governor Amamiya as outgoing Governor Kuroda’s successor was quickly unwound, before the richening into the bell was observed.
  • While Amamiya is considered the most dovish of the three assumed candidates for the role, the Nikkei piece reiterated that policy normalisation will be the key focus for the next Governor (which allowed the initial richening to be unwound).
  • Government pushback then came to the fore, as the lunch break saw Deputy Chief Cabinet Secretary Isozaki note that there is no truth to the Nikkei report. This came after Finance Minister Suzuki said he hasn’t heard such discussions, although he conceded that he is “out of the loop” on the BoJ governor matter.
  • The BoJ & Amamiya issued ‘no comment’ responses to questions surrounding the article.
  • Looking ahead, tomorrow will see the latest round of 30-Year JGB supply, in addition to household wage and spending data.