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Holding Richer At Lunch, BoJ Noguchi Says Policy Tightening Will Be Very Slow

JGBS

At the Tokyo lunch break, JGB futures are holding stronger in the middle of today’s range, +16 compared to the settlement levels.

  • There hasn’t been much in the way of domestic data drivers to flag, outside of the previously outlined Weekly International Investment Flows. Today, the local calendar also sees the Tertiary Industry Index, Tokyo Condominiums for Sale and Machine Tool Orders data later alongside 12-month bill supply. The MoF will also conduct an Enhanced-Liquidity Auction for 15.5-39-year OTR JGBS.
  • According to MNI, Bank of Japan board member Asahi Noguchi said on Thursday that the pace of raising the policy interest rate will be very slow as it takes considerable time for inflation to continue increasing as a trend. Noguchi was against ending the negative interest rate and yield curve control policy simultaneously at the March meeting, he told business leaders in Saga City.
  • Cash JGBs are dealing slightly mixed out to the 20-year, with yields ~2bp lower beyond. The benchmark 10-year yield is 0.1bp higher at 0.884% versus the YTD high of 0.891% set yesterday.
  • The swaps curve has slightly bull-flattened, with rates 0.5bp to 1bp lower. Swap spreads are tighter out to the 20-year and wider beyond.
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