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Curve Twist Steepens Early On


Early JGB trade sees the major benchmarks run 1bp richer to 1.5bp cheaper, with a light bid in the 2- to 10-Year zone perhaps supported by the impending round of BoJ Rinban operations and hope surrounding a potential upsizing of BoJ bond purchases given 10-Year yield levels and wider core FI dynamics.

  • A heavy start for equities will also be providing some light support for JGBs.
  • Meanwhile, 30+-Year paper has cheapened, with a lack of BoJ purchases in that zone of the curve (at least if we go by today’s scheduled Rinban operation outline) and Thursday’s weakness in U.S. Tsys applying pressure to the super-long end, allowing the curve to twist steepen.
  • JGB futures have moved back to unchanged levels, ticking away from overnight lows, on the above dynamics.
  • Familiar soundbites have come from local policymakers re: FX markets, with USD/JPY operating above Y150.00.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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