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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.
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Free AccessOff Cheaps As We Wind Into The Weekend
Weakness in core global FI markets biased JGB futures a touch cheaper ahead of the weekend, although the contract stuck to a contained range and recovered from session lows, sitting -9 ahead of the closing bell.
- Yesterday’s after-hours tweak to BoJ fees for borrowing three on-the-run 10-Year JGBs (making shorting those lines more expensive) probably provided some counter t the cheapening (albeit not as forceful as some believed may be seen).
- Cash JGBs run 1.5bp cheaper to 1.5bp richer, with a lack of uniform direction noted.
- Swap rates are 0.5-1.5bp higher, meaning swap spreads are biased a little wider on the day.
- Local headline flow remains limited, with focus squarely on the BoJ leadership plans and related knock-on impact on monetary policy.
- BoJ speculation continues to dominate after the recent Bank leadership nominations from the government, with the latest BBG survey seeing 70% of the respondents looking for a tightening move by the end of July (up from the 54% in last month’s survey).
- We also saw Finance Minister Suzuki reaffirm the government perception re: Ueda’s suitability to head up the Bank, with his communication skills once again highlighted.
- The latest batch of BoJ Rinban operations headline on Monday.
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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.