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JGBS: JGB futures turned bid in the early part of the afternoon session, in
sympathy with Tsys, with the contract set to go out at/near best levels.
- Looking at the cash space, the curve sits a little steeper with yields edging
higher in the super-long end, while shorter dated yields have ticked lower.
- BoJ's Funo offered little new in an address made today, stating that the
board's decision of allowing the 10-year interest rate to move widely back 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.
- It is worth noting that the MOF will auction 1-5 Year paper in a liquidity
enhancement auction on Thursday, with BoJ 1-5 & 10-25+ Year Rinban due Friday.