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JGBS: JGBs started the session on the back foot, following on from a heavy
session for U.S. Tsys on Wednesday which spilled into Asia-Pacific trade,
promoted by stronger than exp. U.S. economic data and hawkish rhetoric from Fed
- 10-Year JGB yields are now above levels that triggered volatility smoothing
operations from the BOJ in recent times, last 0.160%, although the higher JGB
yields remain within the BOJ's acceptable range and focus remains on how -- and
how rapidly -- 10-Year yields moves toward +0.2% or higher, MNI understands. The
BOJ still stands ready to curb higher yields through bond buying ops if the rise
is deemed too rapid.
- The JGB curve has continued to steepen in the wake of the latest 15.5-39 Year
liquidity enhancement auction, which saw the tail widen, average spread jump and
the bid to cover ease. Futures closed sub-150.00.
- The auction result perhaps points to some trepidation ahead of tomorrow's
longer dated BOJ Rinban ops after the BOJ trimmed the upper & lower limits of
the size of its long end purchases in the release of its Oct JGB buying plan.