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Flatter Ahead Of Release Of BoJ Rinban Plan

JGBS

JGB futures have traded off the wider impetus observed in global core fixed income markets during Tokyo hours. JGB futures sit little changed on the day ahead of the bell as a result.

  • Much softer than expected domestic industrial production data (which resulted in the government lowering its assessment of the state of industrial production to “weak”) had no impact on the space.
  • Cash JGBs have richened by 0.5-4.0bp, with the long end outperforming, perhaps on the back of market speculation re: the prospect of the BoJ upping the size/frequency of Rinban purchases covering JGBs with more than 10 years until maturity, in a bid to defend its existing YCC settings. The BoJ will reduce its quarterly Rinban plan after hours today.
  • Looking a little further ahead, Tokyo CPI and the latest Tankan survey headline domestic matters on Friday.
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JGB futures have traded off the wider impetus observed in global core fixed income markets during Tokyo hours. JGB futures sit little changed on the day ahead of the bell as a result.

  • Much softer than expected domestic industrial production data (which resulted in the government lowering its assessment of the state of industrial production to “weak”) had no impact on the space.
  • Cash JGBs have richened by 0.5-4.0bp, with the long end outperforming, perhaps on the back of market speculation re: the prospect of the BoJ upping the size/frequency of Rinban purchases covering JGBs with more than 10 years until maturity, in a bid to defend its existing YCC settings. The BoJ will reduce its quarterly Rinban plan after hours today.
  • Looking a little further ahead, Tokyo CPI and the latest Tankan survey headline domestic matters on Friday.