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Free AccessUnscheduled BoJ Fails To Provide Meaningful Support
The major benchmark JGBs have seen a mixed afternoon, with super-long paper recovering from lows, leaving wider cash JGBs little changed to ~2bp cheaper on the day. 7s and 20s provide the weakest points on the curve (tied to a move lower in futures & potential structural demand issues, respectively), while 2s and 10s are little changed, with the latter of course limited by the presence of the BoJ’s YCC scheme. 30+-Year paper is nearly back to flat, perhaps on fresh interest from lifers and pension funds, which seemed to become apparent on Wednesday afternoon as well.
- Futures print -30, at worst levels of the session, and 25 ticks off September’s low, where initial technical support lies. A break there would expose levels not seen since June, when the BoJ’s will re: its YCC scheme was being tested.
- The show higher in yields triggered an unscheduled round of 5- to 25+-Year BoJ Rinban operations (as we suggested may be the case). However, this did little to placate the market, with 10-Year JGB yields immediately showing above the upper limit of the range permitted under the BoJ's YCC (per BBG), while JGB futures nudged lower in the wake of the announcement.
- Tomorrow’s local docket will see the release of national CPI data & 1- to 10-Year BoJ Rinban operations.
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Why MNI
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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.