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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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JGBS: JGB futures trade just shy of overnight closing levels after an initial
move lower at the Tokyo open, with an uptick in risk sentiment providing the
initial source of pressure, although the Nikkei 225 has faded from best levels,
last 0.1% higher on the day. The lead JGB contract trades 2 tick higher than
settlement last.
- BoJ Governor Kuroda has pointed to the continued need for current levels of
monetary easing for a second day, using familiar language in the process. HE has
also stressed that the BoJ's adjustments to YCC in July did not represent
stealth tapering.
- Looking at the cash curve, the belly has outperformed, with 7-Year yields
leading the way lower after yesterday's late twist steepening.
- BoJ's Masai is set to appear in parliament later today, with Kuroda's address
ongoing at present. Focus next week turns to the latest BoJ Tankan survey and
final GDP data out of Japan. 30-Year supply will also draw attention next week,
as well as the BoJ's usual Rinban operations.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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