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JGBS: JGBs surged on the back of the BOJ decision on Tuesday, after futures
extended to fresh lows heading into the decision as some suggested that the
later than usual time pointed to impending action (it was the latest delivery of
the decision since the intro of YCC in Sep 16). The BOJ introduced forward
guidance, noting that it intends to keep very low rates for an extended period
of time, while it maintained its 10-Year JGB yield target at about 0.00%, albeit
highlighting greater flexibility in bond operations moving forwards. There was a
7-2 vote on YCC matters. The Bank also trimmed its CPI forecasts & tweaked its
ETF purchase programme.
- This left the 5-/40-Year curve 9.2bp flatter on the day.
- In the press conference BOJ Gov. Kuroda suggested that yields would be allowed
to fluctuate by around double the amount that was previously prescribed, which
weighed on futures during the overnight session, before they stabilised around
the middle of Tuesday's range.
- Focus today falls on the BOJ's Rinban ops covering the 1-5 Year sector.