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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI US MARKETS ANALYSIS - AUD/JPY Finds Bottom on China News
MNI US OPEN - PBOC Makes First Major Policy Tweak Since 2011
### Scarcity could become (even more of) an....>
JGBS: ### Scarcity could become (even more of) an issue for JGB's. In July the
BoJ appeared to concede to a deflationary mindset, the bank delayed timing for
hitting their 2%, as they have done at every "Outlook Report" since October
2014. The bank now predict they will hit the target "around FY 2019". This
deterioration in inflation expectations coincides with the appointments of
Hitoshi Suzuki and Goushi Kataoka to the BoJ, replacing perennial dissenters on
the BoJ board. Far from being a like for like swap the hawks have been replaced
by the ultra-dovish, both are seen as vocal supporters of the BoJ's QQE
programme, Kataoka in particular has said in the past he is in favour of
additional easing. In June the BoJ's purchase operations totalled Y7.89tln of
JGB's, equivalent to 80% of the bonds issued that month. BoJ data shows that
5-10 Year JGB's at one point saw purchases at 101% of JGB's that month, and this
was before the BoJ were forced to increase operation sizes in July. The squeeze
is evident elsewhere with repo rates being squeezed hard daily in certain issues
with dealers reporting difficulty making markets, forcing the BoJ to supply
Y7tln to repo traders under their SLF in the first 4 days of this week.
To read the full story
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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.