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AUSSIE 10-YEAR TECHS

(Z2) Outlook Flips Positive

AUSSIE SWAPS

J.P.Morgan Receive 10-Year EFP

US TSYS

Cash Closed On Friday

AUSSIE 3-YEAR TECHS

(Z2) Firmer into the Close

AUSSIE BONDS

Firmer & Steeper After U.S. CPI

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EXECUTIVE SUMMARY

  • The BoJ will leave policy settings unchanged at its July meeting.
  • In terms of the minor details, we should expect a markup in the Bank’s immediate CPI forecast and a moderation in its immediate GDP growth forecast, with the potential for background discussions re: the extension of the special financing scheme for smaller firms, which is currently due to expire in September.
  • The fact that inflation remains limited in a wider context, as well as it being driven by cost-push, not demand-pull factors, will likely leave the Bank sidelined through the end of BoJ Governor Kuroda’s term (which is set to end in April ’23).
  • Click to view full preview: MNI BoJ Preview Jul 2022.pdf

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