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Gov. Ueda Due In Parliament, Rinban Covering 1-5-year and 10-25-year JGBs

JGBS

JGB futures are holding overnight strength in early Tokyo trade, +15 versus settlement levels.

  • MT Newswires reports that UBS believes the BoJ needs to confirm 2% inflation in a sustainable and stable manner before it starts tightening its monetary policy. Current dynamics aren't supportive of this yet, as they're mainly being driven by one-off cost-push factors. Wage growth is the key, stated UBS. (link)
  • Cash JGBs are slightly richer across benchmarks with yields flat to 1.6bp lower. The benchmark 10-year is leading with its yield at 0.408%, below the BoJ's YCC limit of 0.50%.
  • Swap rates are also lower across the curve with swap spreads wider out to the 10-year zone and narrower beyond.
  • BoJ Governor Ueda is scheduled to appear in parliament from 0133 BST / 0933 JST.
  • Today will also see BoJ Rinban operations covering 1-5-year and 10-25-year JGBs.
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