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Futures Dip As BoJ Curbs Bond Buying Ops

JGBS

JGB futures gapped lower post the BoJ bond buying announcement, which reduced purchases in the 5-10 year tenor compared to the late April buying op.

  • JBM4 hit a low of 143.96 against earlier highs around 144.28. We have stabilized since to track at 143.99, -.27 in latest dealings.
  • The amount purchased by the BoJ was ¥0.95trln. The 5-10yr tenor saw ¥425bn in purchases versus ¥475.5bn back on April 24.
  • Potentially reduced bond buying has been a focus point for markets as the BoJ has exited NIRP. Our policy team noted the amount of bond buying could be curbed in July (see this link).
  • JGB yields sit nearly 2bps firmer for 7-10yr tenors. The 10yr yields is near highs back to Nov last year. Swap rates are up to 1.0% for the 10yr tenor, while the 20-30yr tenors are now up around 4bps in yield terms.
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