MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

EZ/UK Bond Supply Calendar: Slovakia, Belgium, BoE APF Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Off Session Highs, YCC Tweak Seen Easing Transition From Easy Policy Settings - BOJ

JGBS

JGB futures sit off session highs in recent dealings, we were last at 144.81, +0.14. An early spike to 144.89 saw no follow through. This was a touch above Wednesday session highs, and in line with highs form Oct 25. US futures sit just below Wednesday session highs as well, last 108-13.

  • Yield losses continue in the cash JGB space. The 10yr is back to 0.84% (-2bps), but slightly up from session lows (0.833%). The 20-40 part of the curve has seen slightly larger losses in yield terms, -2-3bps, with the 20-yr back to 1.56%. The 7yr is now at 0.60%, off 2.5bps.
  • The 10yr swap rate was last near 1.01%, close to session lows.
  • The data on weekly investment flows, and trade/current account figures as well as bank lending hasn't impacted sentiment.
  • The BoJ summary of opinions from the October policy meeting had a wide variety of viewpoints. One member noting the likelihood of achieving the inflation target sustainably has risen since July. While another noted the central bank was still some distance from the 2% target.
  • The YCC tweak was seen as aiding the exit from easing policy settings. There is also a chance next year's wage rise could exceed this year's one, according to another member (RTRS).
  • Still to come is the 30yr debt sale and Ueda before parliament.
BulletMarketsFixed Income BulletsHomepageBank of Japan (BOJ) Market News

To read the full story

Close

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.