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Off Lows, 10-Year Yields Approach BoJ’s YCC Tolerance Band

JGBS

JGBs have edged away from session lows throughout the Asia-Pac session, with cash JGBs running 0.5-6.0bp cheaper across the curve, bear steepening, while JGB futures print -26 on the day.

  • There was much focus centred around the latest round of JPY weakness, with USD/JPY back below 144.00 amidst rhetoric from Japanese officials.
  • The BoJ announced an increase to the purchase of its 5- to 10-Year bonds in its Rinban ops (from the Y500bn scheduled to Y550bn), coming as 10-Year JGB yields (~0.243%) have continued inching higher to the upper limit of the BoJ’s permitted +/- 0.25% trading band.
  • Thursday will see final Q2 GDP, balance of payments data, bank lending, and weekly international security flow figures headline the domestic docket, with a liquidity enhancement auction for off-the-run 5-15.5 Year JGBs due as well.
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