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Futures Are Richer At The Lunch Break, BOJ Decision Due

JGBS

At the Tokyo lunch break, JGB futures have pushed into positive territory, +9 compared to settlement levels, ahead of the BOJ policy decision.

  • Our analysis aligns with the prevailing consensus that is anticipating that the BOJ will maintain its existing policies in the upcoming announcement, including the short-term interest rate remaining at -0.1%. (See MNI’s BOJ Preview here)
  • The cash JGB curve has twist flattened, pivoting at the 10s, with yields 1.1bp higher to 0.4bp lower. The benchmark 10-year yield is 0.1bp lower at 0.743% after hitting a fresh post-YCC tweak high of 0.756% today.
  • Swap rates are lower across the curve, with pricing 0.4bp to 1.7bp lower. Swap spreads are tighter across maturities.
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