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Rinban Plan Eyed

JGBS

JGB futures marched to the beat of the U.S. Treasury market drum in overnight trade, paring early losses to finish +2 vs. Tokyo settlement.

  • Wednesday's local focus will on flash industrial production data, the latest round of BoJ Rinban ops (covering 3- to 5-Year and 10- to 25+-Year JGBs) and, in the main, the release of the BoJ's April Rinban plan (scheduled to hit after hours).
  • Re: the latter, the April plan is the first time that we will see the outright purchase amounts given in the Rinban plan (previously given as ranges). Some have suggested that the BoJ could cut the size of its super-long JGB purchases, while others have suggested that any such move would be too close to the BoJ's March decision and may risk muddying the message of a need for low yields across the entirety of the curve.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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