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Curve Twists Steeper, No Reaction To Rumours Re: New BoJ Board Members


Light twist steepening of the JGB curve was observed during the Tokyo morning, with paper out to 20s richening by up to 1p, while 30s and 40s cheapened by ~0.5bp. There hasn’t been much in the way of notable domestic headline flow to observe, with the drift away from early Asia/Monday highs in core FI markets spilling into JGBs. Futures hit the lunch bell +2 vs. yesterday’s settlement, giving back most of their overnight gains. The space looked through the previously outlined rumours re: successors for outgoing BoJ board members Kataoka & Suzuki (a reminder that the former is the consistent source of dovish dissent within the board). 10-Year JGB supply is due this afternoon.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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