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Futures Finish Mid-Range After Two-Way Overnight Session, Rinban Due

JGBS
HomepageBond Market NewsBank of Japan (BOJ) Market NewsBulletMarketsFixed Income News

JGB futures generally mimicked U.S. Tsys in overnight dealing, albeit with the lower beta, closing post-Tokyo trade mid-range, +2 vs. settlement levels.

  • We haven’t seen much in the way of meaningful domestic headline flow since yesterday’s close, with regional focus still on the latest North Korean missile test.
  • Domestic market chatter has turned towards the investment intention outlines for the domestic life insurer and pension fund community, with the potential for a meaningful BoJ policy pivot, in addition to the volatility observed in wider financial markets alongside the well-documented, elevated FX-hedging costs that Japanese investors currently face, generating even deeper than normal interest in the capital deployment plans of this sizable investor cohort (the semi-annual outlines will likely filter out in the next couple of weeks or so).
  • Looking to the local docket, it will be the latest round of BoJ Rinban operations that headline today, with the purchases covering the 1- to 10- & 25+-Year zones.
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JGB futures generally mimicked U.S. Tsys in overnight dealing, albeit with the lower beta, closing post-Tokyo trade mid-range, +2 vs. settlement levels.

  • We haven’t seen much in the way of meaningful domestic headline flow since yesterday’s close, with regional focus still on the latest North Korean missile test.
  • Domestic market chatter has turned towards the investment intention outlines for the domestic life insurer and pension fund community, with the potential for a meaningful BoJ policy pivot, in addition to the volatility observed in wider financial markets alongside the well-documented, elevated FX-hedging costs that Japanese investors currently face, generating even deeper than normal interest in the capital deployment plans of this sizable investor cohort (the semi-annual outlines will likely filter out in the next couple of weeks or so).
  • Looking to the local docket, it will be the latest round of BoJ Rinban operations that headline today, with the purchases covering the 1- to 10- & 25+-Year zones.