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Free AccessWill Tokyo Dealers Add To The Pressure?
JGB futures shed 8 ticks in the final overnight trading session of last week, as weakness for U.S. Tsys spilled over into the space. This allowed the contract to extend the pullback from the early Tokyo highs witnessed during Friday's main session.
- It will be interesting to see if local participants provide fresh pressure this morning, given the weakness seen in core fixed income trade in the early hours of this week. Technical support does not come in until the current Oct low (151.18)
- A reminder that our latest insight piece flagged our policy team's understanding that "lingering shortages of imported parts and semiconductors for Japanese automobile makers could lead the Bank of Japan to review its long-running language that the economy will pick up "as a trend." On a similar note, Friday saw a RTRS sources piece note that "the Bank of Japan is expected to downgrade its economic growth forecast for the current fiscal year as supply constraints caused by Asian factory shutdowns cripple output and exports… The BOJ is also likely to trim its consumer inflation forecast for the year ending in March, five sources said, which would reinforce market expectations it will lag behind other central banks in whittling down crisis-mode stimulus measures."
- There is a lack of risk events evident when it comes to Monday's local economic docket.
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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.