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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.
JGBS
Note that although the implied volatility of JGB futures has pushed higher in the wake of the BoJ’s surprise YCC tweak, the JPX JGB VIX Measure sits somewhat shy of peaks observed around the 3 major challenges of the BoJ’s YCC settings seen earlier in ’22. Why? Our best guess is that the new 50bp YCC cap is more subdued than some of the alternatives that were being priced into the measure during the aforementioned challenges, while the finite outcome naturally provides less variability than the unknown outcomes speculated on earlier in the year.
Fig. 1: JPX JGB VIX
Source: MNI – Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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