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Russia 1Q21 GDP Prints Above Expectations

JGBS: JGB futures edged back towards the Tokyo session highs during overnight
trade, as optimism surrounding the upcoming Trump-Xi meeting at G20 was unwound
during European & U.S. hours. This came after the curve was subjected to
steepening pressure in Tokyo trade.
- As a reminder, yesterday saw BoJ Deputy Governor Wakatabe note that the Bank's
10-Year JGB yield framework doesn't need adjusting at present after the metric
threatened to test the lower end of the band last week. Wakatabe also noted that
the BoJ may pre-emptively adjust policy if the Board believes that it will be
hard to achieve its 2% inflation target. Wakatabe also stressed that the BoJ
will not act simply because the U.S. Fed does.
- The traditional month-end data dump comprising of the labour market report,
industrial production and Tokyo CPI will hit shortly. While the BoJ will conduct
5-25+ Year Rinban operations and issue its Rinban plan for July after hours.
MNI London Bureau | +44 0203-865-3809 |