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Limited Reaction To BoJ Fixed Rate Ops

JGBS

10-Year JGB yields remain pinned to the upper end of the BoJ’s permitted trading band, sitting at 0.25%, even after the BoJ stepped in with a fixed rate operation announcement as it defends the upper end of its permitted 10-Year JGB yield trading range. Futures nudged higher on the BoJ announcement before retracing to pre-announcement levels, -22 on the day. Note that the BoJ has taken extraordinary steps to reinforce the upper end of its 10-Year JGB yield trading band in recent weeks, including multiple rounds of Rinban & fixed rate operations during the same working day.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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