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Futures Rebound On BoJ Stepped Up YCC Enforcement, Pull Back As Kuroda Sticks To Usual Script

JGBS

Benchmark JGB futures have bounced from session lows (148.42) as the BoJ stepped up efforts to enforce its 0.25% ceiling on 10-Year yield, offering to buy an additional Y500bn of 5- to 10-Year JGBs on Tuesday.

  • The announcement came as 10-Year JGB yield breached 0.25%, rising to its highest levels since January 2016.
  • JGB futures last trades at 148.52, 49 ticks below previous settlement, pulling back from post-BoJ highs as BoJ Gov Kuroda reiterated the intention to stick with powerful monetary easing.
  • Cash JGB yields sit higher, curve runs steeper as speculation that the central bank may eventually have to buy longer-dated debt has weighed on the super-long end. 10-Year JGB yield remains above 0.25% as we type.
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