Notably Richer Post-BoJ

JGBs firmed given what seemed like an overtly hawkish pre-meeting reaction to the Nikkei article flagging a (generally expected, COVID-related) tweak to forward guidance, while the elongated (at least relative to expectations for the next BoJ YCC tweak) timeframe for the longer run policy review at the Bank probably left a bit of a dovish tinge (we don’t believe that the next YCC tweak will require the review, which is expected to ta 1-1.5 years, to be completed). Futures have more than pared their overnight/pre-meeting losses and now trade +28 a little shy of their post-decision high, while cash JGBs now run 1-3.5bp firmer on the day bull flattening, with swap spreads little changed to a touch wider (flattening has also been seen on that curve).