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Tepid Bounce

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Nice Mark for Early Put Buyer

MNI (London)
--But BOJ Ups Upper End of Longer-End JGB Buying Operation
     TOKYO (MNI) - The Bank of Japan said Friday that it would reduce the
frequency of its longer-end Japanese government bond buying operations to 2 in
February from 3 in January.
     The decision is aimed at coping with the recent flattening curve and
reflects that the BOJ sees steepening curve of super longer-end bond yield
desirable.
     The BOJ increased the upper end of longer-end bond buying, such as JGBs
with a remaining life of 10-to-25 years to JPY200 billion in February from
JPY150 billion in January.
     The BOJ left the frequency of other bond buying operations unchanged at 4
in February, saying it may increase the frequency as needed.
     It also said The Bank will conduct purchases in a flexible manner, taking
account of market conditions, aiming to achieve the target level of a long-term
interest rate specified by the guideline for market operations.
     The BOJ's schedule sees it refrain from conducting JGB buying operations on
days when the Ministry of Finance holds auctions for JGBs or the BOJ board holds
policy meetings.
     --CALENDAR
     The planned JGB purchase operations in February:
     The zones (amounts to be purchased in ranges)
     --1 to 3 years (Y300-Y550 bln in Feb. vs. Y300-Y550 bln in Jan.)
     --3 to 5 years (Y200-Y450 bln in Feb. vs. Y200-Y450 bln in Jan.)
     --5 to 10 years (Y200-Y500 bln in Feb. vs. Y200-Y500 bln in Jan.)
     --10 to 25 years (Y50-Y200 bln in Feb. vs. Y50-Y150 bln in Jan.)
     --More than 25 years (zero-Y50 bln in Feb. vs. zero-Y50 bln in Jan.)
     The frequencies of operations in each zone in Feb. plans vs Jan. actual.
     --1 to 3 years: 4 times (4 times)
     --3 to 5 years: 4 times (4 times)
     --5 to 10 years: 4 times (4 times)
     --10 to 25 years: 2 times (3 times)
     --More than 25 years: 2 times (3 times)
     The dates of operations
     Feb. 7: 1 to 3 years, 3 to 5 years, 5 to 10 years.
     Feb. 10: 10 to 25 years, more than 25 years.
     Feb. 13: 1 to 3 years, 3 to 5 years, 5 to 10 years.
     Feb. 21: 1 to 3 years, 3 to 5 years, 5 to 10 years.
     Feb. 25: 10 to 25 years, more than 25 years.
     Feb. 27: 1 to 3 years, 3 to 5 years, 5 to 10 years.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MMJBJ$,M$A$$$,M$J$$$,M$$FI$,MN$FI$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com