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JGBS: The following passage from a Nikkei interview with BoJ Governor Kuroda
provided the talking point of Friday's session, when it hit late in Tokyo trade.
- "The yield on benchmark newly issued 10-year Japanese government bonds sank to
minus 0.295% on Wednesday, the lowest level in more than three years. Kuroda
suggested that the BOJ will accept this state of affairs for the time being. But
he hinted that this tolerance would not be unlimited, while avoiding drawing a
specific line in the sand. "If there's no limit at all, the interest rate target
of 'around zero' will become meaningless," he said. The central bank chief spoke
more clearly about yields on ultra long-term debt with maturities of 20 or 30
years, saying they have "fallen a bit too far." This triggered deeper twist
steepening of the curve into the close, while 10-Year JGB futures were bid on
the "for the time being" reference to 10-Year yields.
- Futures finished the final overnight session of last week little changed,
following the broader ebb and flow of core global FI.
- Final GDP & BoP data headline the local docket today. Elsewhere, there will be
an enhanced liquidity auction for off the run JGBs with 1-5 Years til maturity.