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JGBS: JGBS Cheaper Following Rinban Operations, Yields At Month Highs

JGBS
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  • JGBs continue to sell-off, with yields now 2-5bps cheaper. The 5yr has seen the bulk of the move trading +5bps to 0.527% now back at Aug 5 levels.
  • The JGB curve is flatter, with better selling seen through the belly of the curve with the moves coming following Rinban results
  • Elsewhere Japanese Finance Minister Kato spoke earlier where he emphasized the need for careful monitoring of sudden currency fluctuations, which he said negatively impact businesses and households. Kato reiterated the government's stance that monetary policy specifics should be left to the BOJ while expecting careful communication from the central bank to manage policy toward achieving its 2% inflation target.

  • BoJ dated OIS has firmed slightly throughout the session with Dec'24 now pricing in 7.2bps of hike priced, up from 6.5bps this morning.

     

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  • JGBs continue to sell-off, with yields now 2-5bps cheaper. The 5yr has seen the bulk of the move trading +5bps to 0.527% now back at Aug 5 levels.
  • The JGB curve is flatter, with better selling seen through the belly of the curve with the moves coming following Rinban results
  • Elsewhere Japanese Finance Minister Kato spoke earlier where he emphasized the need for careful monitoring of sudden currency fluctuations, which he said negatively impact businesses and households. Kato reiterated the government's stance that monetary policy specifics should be left to the BOJ while expecting careful communication from the central bank to manage policy toward achieving its 2% inflation target.

  • BoJ dated OIS has firmed slightly throughout the session with Dec'24 now pricing in 7.2bps of hike priced, up from 6.5bps this morning.