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JGBs Advance Amid Heightened Yen Volatility, BoJ Policy Review Eyed Friday


JGB futures have caught a bid in early trade, last changing hands at 147.87, up 27 ticks versus the previous settlement. Cash JGB yields are slightly lower across the curve, save for 3s and 20s, with richening impetus most evident in the super-long end.

  • The yen has stolen the limelight in Japanese markets this morning, as its sharp pullback from initial session highs suggested that MoF officials may have ordered another intervention in currency markets. It was reported that Friday saw them take action to prop up the yen, albeit officials have declined to either confirm or deny it.
  • All eyes are on the meeting of the BoJ's Policy Board this week. Officials are expected to stand pat on their ultra-loose monetary policy settings, even as the market is continuously testing their dovish resolve, with the yen under pressure and 10-Year JGB yield operating within touching distance from the 0.25% cap (last 24.7%).

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