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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 AccessTight Ranges In The Morning
Cash JGBs finished the Tokyo morning little changed to ~1.5bp cheaper, with 7s running 1.0bp cheaper, underperforming surrounding lines, while 30s provide the weakest point on the curve. Meanwhile, futures consolidated most of their overnight losses, but coiled in a tight range, hitting the lunch bell -7.
- Local headline flow has been relatively light, with the broader defensive start to the week, alongside the continued presence of the BoJ in the market, providing a very modest bid for futures.
- 10-Year JGB yields hover around 0.245%, 0.5bp away from the upper limit of the BoJ’s permitted 10-Year JGB yield trading band.
- March’s wage data was a touch firmer than expected, although real wage data printed in negative territory.
- BoJ Rinban operations provided the following offer/cover ratios
- 1- to 3-Year: 1.73x (prev. 2.65x)
- 3- to 5-Year: 1.85x (prev. 1.80x)
- 10- to 25-Year: 3.22x (prev. 3.00x)
- These cover ratios shouldn’t result in much spill over in early afternoon dealing.
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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.