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Sharply Firmer On No Change From BoJ, Hawkish Positioning Unwind Seemingly Evident

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HomepageBond Market NewsBank of Japan (BOJ) Market NewsBulletMarketsFixed Income News

JGBs firm further in the early rounds of the Tokyo afternoon session after the BoJ stood pat. 10-Year yields pull away from the BoJ’s YCC cap to print below the 0.45% mark. Futures extend higher in an aggressive fashion, lasting printing +110 ticks. 7s lead the wider cash curve on the bid in futures, while the move in futures and steepening of the curve beyond the 7-Year point to the continued unwind of hawkish BoJ positioning. Swap rates are 2-10bp lower, bull flattening, with swap spreads tighter across the curve outside of 7s.

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JGBs firm further in the early rounds of the Tokyo afternoon session after the BoJ stood pat. 10-Year yields pull away from the BoJ’s YCC cap to print below the 0.45% mark. Futures extend higher in an aggressive fashion, lasting printing +110 ticks. 7s lead the wider cash curve on the bid in futures, while the move in futures and steepening of the curve beyond the 7-Year point to the continued unwind of hawkish BoJ positioning. Swap rates are 2-10bp lower, bull flattening, with swap spreads tighter across the curve outside of 7s.