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JGBS
JGBS: JGB futures stuck a tight range in the morning session in Tokyo, moving on
the back of broader risk sentiment driven by the U.S. Midterm elections.
- Cash yields finished the morning session little changed, with some modest
under performance in the super-long end of the curve.
- BoJ's Funo offered little new in an address made today, stating that that the
board's decision of allowing the 10-year interest rate to move widely in July
doesn't mean that the BOJ will raise interest rates. In a speech to business
leaders in Kochi City, southern Japan, Funo said that "if (the BOJ) maintained
the powerful easy policy, it would affect business conditions at financial
institutions through a drop of margin from loans, which in turn will create the
risk of a pullback in financial intermediation. We continue to pay attention to
the risks considered most relevant to the conduct of monetary policy," Funo
continued while indicating that the BOJ doesn't need to adjust policy to
mitigate the side effects of a prolonged easy policy."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com