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Ten-year Japanese government bond yields are set to close Monday at the highest level since November 2018, but there is little concern at the Bank of Japan, as recent price action has largely been seen as a reaction to weaker overseas bonds, particularly U.S. Treasuries, MNI understands.
The benchmark 10-year JGB was last at 0.121%, still short of the +20bps level the central bank sees as the upper limit of its fluctuation band either side of 0%. Investors have historically been buyers of JGBs as yields rise but in recent weeks, bargain-hunting has slowed as overseas bond yields rise and speculation grows ahead of the BOJ March review for easy policy.
JGB players are now looking at the BOJ to see whether they step in with an extraordinary bond buying operation, last seen in March 2020, to curb higher bond yield.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.