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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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Free AccessThe BoJ sharply reduced their purchases of.....>
JGBS: The BoJ sharply reduced their purchases of T-Bills in today's operation to
Y250bln from Y1.25tln last week.
- Supply/demand conditions in T-Bills appear tight, foreign investors have been
aggressive buyers of bills according to the weekly MOF data, foreign investors
purchased a huge Y4.53tln which denotes the biggest net purchase in 3.5 years.
- Wider USD/JPY basis swaps have been apportioned much of the blame for tight
conditions, surging USD demand into year end has seen hedged UST yields for
Japanese investors plummet and make JGB yields more attractive to both domestic
and foreign investors. The weekly MOF flow data illustrates this, net buying of
JGB's by foreigners printed Y844.2bln, while Japanese investors sold foreign
bonds to the tune of Y487.6bln.
- Demand from foreign investors is also evident in the long end through widening
JSCC/LCH spreads which have hit their widest in over a year in the 10-Year
sector while 30-Year spread is just shy of its all time high at 8.75bp. MNI
sources note that foreign players are on the bid in anticipation of BOJ YCC
adjustment in 2018, a theory that is gathering momentum.
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.