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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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MNI Research
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessHolding Steady Post-BoJ
Nothing in the way of meaningful lasting reaction to the latest BoJ decision, which saw the Bank leave its broader monetary policy settings unchanged. Futures +7, with the major benchmarks generally holding around 1.0-1.5bp richer in cash trade. 7s the underperformer (a mere 0.3bp richer at typing) after yesterday's futures driven weakness for that particular benchmark.
- In terms of BoJ specifics, board member Masai abstained on the yield curve control and asset purchase votes. Board member Kataoka opposed the yield curve control decision, as ever, pushing for lower interest rates. He also pushed for the forward guidance to be related to the price stability target, while noting the need for greater fiscal and monetary policy coordination (nothing new there).
- Elsewhere, the Bank extended the life of its Special Funds Supplying Operations to Facilitate Financing in Response to COVID-19 by 6 months through the end of March '22, as expected. Masai also abstained here.
- The Bank also noted that it will outline a new fund provisioning measure surrounding climate change at its July meeting, which will succeed the existing fund provisioning measure to support the strengthening the foundations for economic growth (which will run through June '22, as scheduled).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.