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Steeper Start On Global Lead, New Highs For 30- & 40-Year Yields

JGBS

Benchmark JGBs run 0.5-3.5bp cheaper at typing, with bear steepening evident on the curve in the wake of the previously outlined lead from Gilts & U.S. Tsys, while the BoJ’s YCC mechanism (which is once again being tested) anchors yields out to 10s, promoting steepening of the curve when yields move higher.

  • 30s and 40s have registered fresh cycle highs on the move.
  • As we mentioned earlier, participants are on the lookout for further potential rounds of unscheduled BoJ Rinban operations after the BoJ stepped in to buy 5- to 25-Year JGBs on Tuesday, in a bid to defend its YCC mechanism.
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Benchmark JGBs run 0.5-3.5bp cheaper at typing, with bear steepening evident on the curve in the wake of the previously outlined lead from Gilts & U.S. Tsys, while the BoJ’s YCC mechanism (which is once again being tested) anchors yields out to 10s, promoting steepening of the curve when yields move higher.

  • 30s and 40s have registered fresh cycle highs on the move.
  • As we mentioned earlier, participants are on the lookout for further potential rounds of unscheduled BoJ Rinban operations after the BoJ stepped in to buy 5- to 25-Year JGBs on Tuesday, in a bid to defend its YCC mechanism.