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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.
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Curve Steeper, Futures Not Challenging Recent Base
Futures print -63 heading towards the Tokyo close, with the bulk of the movement coming during the early rounds of Tokyo trade.
- Last week’s low (147.94) in the contract wasn’t tested and continues to provide initial technical support.
- Cash JGB trade saw the major benchmarks run 1.0-7.0bp cheaper, with 10-Year yields being capped by the upper limit of the BoJ’s YCC mechanism (promoting curve steepening).
- Wider FI market weakness pressured JGBs after Tokyo returned from a long weekend.
- 20s and 40s have registered fresh cycle highs (in yield terms) on the move.
- Familiar language was deployed by Japanese Finance Minister Suzuki, which failed to impact JPY, as you would expect.
- Offer/cover levels remain contained in the BoJ’s 1- to 10-Year Rinban operations, even with 10-Year yields challenging the upper limit of the BoJ’s YCC, suggesting a lack of meaningful desire to test the BoJ’s will at present.
- BoJ Governor Kuroda will speak shortly, but we don’t expect much new, owing to the proximity to last week’s monetary policy decision & subsequent press conference.
- Further out, 40-Year JGB supply headlines domestic matters tomorrow, with services PPI & machine tool orders data also due.
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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.