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Market Rallies On BoJ Uchida’s Speech, Presser Due

JGBS

By the Tokyo lunch break, JGB futures had jumped sharply from session lows, +4 compared to the settlement levels, after BoJ Deputy Governor Shinichi Uchida speech to local business leaders in Nara.

  • (BBG) Bank of Japan Deputy Governor Shinichi Uchida says it’s hard to imagine the bank will be raising its policy rate continuously and rapidly even after the negative interest rate is ended. Financial conditions will remain accommodative, Uchida says in a speech to local business leaders in Nara. Press conference at 1430 JT. (See link)
  • This morning's data drop of weekly International Investment Flows, BoP Current Account Balance and Bank Lending data failed to be market-moving, as expected. Tokyo Avg Office Vacancies data is due later.
  • Cash JGBs have shifted richer after cheapening 1-2bps in pre-Uchida dealings. The benchmark 10-year yield is 1.0bp lower at 0.708% after dealing as high as 0.734% in morning trade.
  • The swaps curve has bull-flattened, with rates flat to 1.6bps lower. Swap spreads are mixed.
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