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JGBS: Futures Spike Higher As BoJ Ueda Addresses Parliament

JGBS
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JGB futures have spiked sharply stronger, +71 compared to settlement levels, as BoJ Governor Ueda addresses Parliament.  

  • BOJ Governor Ueda, speaking in Parliament, acknowledged that the central bank's massive monetary easing, including YCC, was necessary to achieve its price target but has caused side effects. He noted that rising bond yields impact banks in various ways but, over the long term, higher interest rates will support financial institutions' profitability.
  • While higher long-term rates may increase corporate funding costs, an improving economy could offset this impact. He emphasised that financial conditions remain supportive, firms' funding conditions are stable, and bond yields are market-driven, though the BOJ is prepared to intervene if yields rise sharply.
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JGB futures have spiked sharply stronger, +71 compared to settlement levels, as BoJ Governor Ueda addresses Parliament.  

  • BOJ Governor Ueda, speaking in Parliament, acknowledged that the central bank's massive monetary easing, including YCC, was necessary to achieve its price target but has caused side effects. He noted that rising bond yields impact banks in various ways but, over the long term, higher interest rates will support financial institutions' profitability.
  • While higher long-term rates may increase corporate funding costs, an improving economy could offset this impact. He emphasised that financial conditions remain supportive, firms' funding conditions are stable, and bond yields are market-driven, though the BOJ is prepared to intervene if yields rise sharply.