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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.
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Free AccessFutures Erase Some Of Overnight Gains As Curve Steepens
JGB futures gave back a chunk of their overnight session gains as global core FI markets eased a little in early Tokyo trade, although the contract remained comfortably above neutral levels on the BoJ’s continued ultra-easy policy stance and market mechanism tweaks that look to ensure that the Bank can uphold the boundary located at the upper end of its of permitted 10-Year JGB yield range. The contract then stuck to a very tight range thereafter, looking through swings in wider markets. That leaves the contract +53 as we move towards the Tokyo close.
- Cash JGB trade sees most of the major benchmarks running cheaper on the day (to the tune of 0.5-3.5bp), with 10-Year JGB yields a touch below 0.24% and the curve bear steepening. 7s provide the exception to the trend, with the BoJ’s commitment to its ultra-easy policy settings at the backend of last week (coupled with the market-based policy tweaks we fleshed out earlier) supporting futures, with cash 7s “catching up” early this week.
- Weekend commentary saw both of the political parties that form Japan’s ruling coalition support the BoJ’s monetary policy settings, although the latest Nikkei survey revealed that 46% of the public would prefer a move away from the current ultra-loose monetary settings, while 36% of those surveyed favour the Bank’s current approach.
- Elsewhere, PM Kishida’s cabinet has seen a downtick in support in the latest round of opinion polls.
- Looking ahead, Tuesday will see the release of the outdated minutes from the BoJ’s April meeting, in addition to the latest scheduled round of BoJ Rinban operations (covering 1- to 3-, 5- to 10- & 25+-Year JGBS).
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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.