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Despite Bank of Japan Governor appearing to rule out a tweak in the central bank's 'tolerated' trading band for JGBs when he spoke to legislators earlier this week, a report in Thursday's Nikkei suggests policymakers are still mulling a very slightly tweaked range that would allow 10-year yields to diverge by 25 bps either side of the 0% target range, very slightly wider than the current 20bps permitted.
Any such decision, Nikkei noted, would be to preserve both the accommodative financial environment and help promote market function. The BOJ will also clarify ETF purchases will only be made in unstable markets, with tweaks also to the wording of the scale and pace of buys.
Benchmark JGB yields were very modestly higher in late Tokyo trade, but well below the highs seen on Feb 26.
Benchmark 10-year JGB Yields
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.