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Free AccessFirmer On The Day, Financing Of Defence Spending Eyed
Cash JGBs richened in early Tokyo trade, in sympathy with the soft U.S. CPI release, while JGB futures held their overnight session gains, although bulls failed to mount a re-test of the post-Tokyo session peak in the contract after a pullback from best levels in the wider core global FI space on Tuesday.
- That leaves JGB futures +18 ahead of the close, while cash JGBs print little changed to 3bp richer across the curve, with 20s providing the firmest point.
- In terms of local news flow, the ruling LDP tax panel head noted that Japan will raise corporate and tobacco taxes, as well as an income tax that was designed for disaster reconstruction, as it looks to fund the well-documented increase in defence spending. These moves would be in line with financing methods outlined in source reports from the local press outlets that did the rounds in recent weeks.
- We also saw headlines which pointed to Japan tapping its FX reserves special account for ~Y3.1tn to provide further financing for the increased spending, per RTRS, citing a government draft.
- The latest BoJ Tankan survey failed to impact price action.
- Looking ahead, the latest 20-Year JGB auction headlines Thursday’s local docket.
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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.