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Kuroda Squeezes Shorts

JGBS

JGB futures turned well bid in early afternoon trade after BoJ Governor Kuroda expressed no desire for a widening of the permitted 10-Year JGB yield trading band during the lunchbreak, pushing back against some of the speculation surrounding the ongoing BoJ monetary policy review. The move extended later in the day as trading conditions thinned out into the weekend and shorts felt the squeeze post-Kuroda, closing the day 50 ticks above settlement levels but 38 ticks shy of late highs.

  • The curve bull flattened aggressively, although the long end finished well shy of extremes, with 30s richening by ~5bp on the day come the bell.
  • BoJ Rinban operations covering 1-10 Year JGBs were left unchanged in terms of size, with the following offer to cover ratios witnessed:
  • 1-3 Year: 2.16x (prev. 1.86x)
  • 3-5 Year: 2.92x (prev. 3.20x)
  • 5-10 Year: 2.00x (prev. 2.37x)
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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