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Free AccessUeda Sticks To The Middle Lane, Supporting JGBs
JGBs sit just off best levels at the close, with futures +30 and cash JGBs running 0.5-4.0bp richer, with 20s presenting the firmest point on the curve. 10-Year JGB yields have dealt pretty much spot on the BoJ’s 0.50% YCC limit all day. Swap rates are 0.5-6.0bp lower, with swap spreads tightening across the curve.
- A lack of overt hawkish rhetoric in BoJ Governor-in-waiting Ueda’s initial nomination hearing allowed an early bid to extend. All in, Ueda seemed quite Kuroda-esque, stressing the need for continued monetary easing, with the initial impulse tempered by a hat tip towards the conditions that would facilitate the need for policy tweaks and an acknowledgement of the side effects of prolonged monetary easing.
- The nominees for the two BoJ Deputy Governor roles, Uchida & Himino, were also balanced, largely reflecting matters and ideas portrayed in Ueda’s speech, while Uchida pointed to methods to deal with the side effects of elongated policy easing, outside of an exit from easy policy.
- When it comes to the handover from the old BoJ leadership to the new there is seemingly a continued focus on generating wage growth to promote sustainable demand-pull inflation, in a bid to meet the BoJ’s inflation goal on a sustainable basis.
- National core CPI readings provided 0.1ppt misses in January, although all three of the major readings moved to fresh Y/Y cycle highs (Ueda suggested inflationary pressures would likely start to fade from February).
- Ueda, Himino & Uchida will appear in front of the upper house of parliament in their second round of confirmation hearings on Monday, with BoJ Rinban operations also slated.
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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.