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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
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Emerging Markets
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Data
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Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free Access### POV: JGB STEALTH TAPERING SEEMS A..........>
JGBS: ### POV: JGB STEALTH TAPERING SEEMS A REALITY, REDUCED ISSUANCE IN FY2018
LIKELY MEAN STOCK EFFECT WILL WIN OUT. Markets will be buffeted by the competing
forces of the flow effect (higher yields on reduced demand) and the stock effect
(while purchases may decrease the holdings of JGB's still rise and keep yields
subdued). The MOF recently announced their decision to reduce the float of JGB's
for the 8th successive year. The draft budget released earlier this week expects
an increase in tax revenues in 2018 and as such allows for a reduction in JGB
issuance. MNI sources note that the expectation of increased tax receipts is
based on forecasts for strong economic conditions, forecasts from Japan which
are consistently wrong - Japan have been forced to push back forecasts for
hitting their inflation target for the past 4 years. Further complicating the
matter are the staunchly negative views on austerity from Japanese policymakers
despite Japan sitting on one of the highest debt burdens in the world, debt/GDP
ratio is fast approaching 300%. While the government has announced plans next
year to conduct a review of fiscal policy several BoJ members have argued that
mon pol alone cannot fix the economy & supportive fiscal policy is required.
To read the full story
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Please enter your details below.
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.