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Free AccessSelling Pressure Hits JGBs, 5-Year Yield Prints Best Levels Since Jan 2016
Cash JGBs have softened in early Tokyo trade, with the belly of the curve underperforming. The yield on 5-Year Notes has surged to the highest point since Jan 2016, when the BoJ launched their negative interest rate policy. JGB futures have turned their tail and JBH2 trades at 150.78, 28 ticks below last settlement & in close proximity to session lows.
- BoJ chatter is doing the rounds ahead of next week's policy meeting, with members expected to modestly raise their inflation forecast for FY2022. The driver of today's move might be a Reuters report, which suggested that the BoJ are debating how to begin messaging an eventual interest rate hike, which might come to fruition even before they meet the official inflation target.
- On the data front, Japan's PPI rose 8.5% Y/Y in December, slowing from November's revised reading of +9.2% and undershooting the median estimate of +8.8%.
- Reminder that the MoF will auction 3-Month Bills and 20-Year JGBs later today.
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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.