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10-year JGB yields hover around zero as BOJ strongly maintains ultra-easing policy stance

Source FxWire Pro Thursday, 9 Nov, 2017 04:22:21 GMT
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The benchmark 10-year Japanese bonds yields hovered around zero percent as the Bank of Japan maintained its ultra-easing policy stance in its October meeting summary.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 1/2 basis points to 0.030 percent, the yield on long-term 30-year dipped 1 basis point to 0.799 percent and the yield on short-term 2-year too remained steady at -0.203 percent by 04:30 GMT.

The Bank of Japan’s nine-member board debated calls from one of its policymakers to target the longer end of the yield curve at a rate review in October, a summary of their opinions showed, with several stressing that the current stimulus was sufficient. One board member said the BOJ should pledge to guide the 15-year government bond yield lower than 0.2 percent, instead of aiming to guide the 10-year yield around zero percent, Reuters reported.

Japan Balance of Payment’s CAB fell to 2,271.2 billion yen in September, lower than the Reuters median consensus of 2,363.4 billion yen, lower from August’ 2,380.4 billion.

On the other hand, the U.S. Treasury yields edged higher overnight with the yield curve close to its flattest level in a decade. Demand for new issues has been solid, led by $23 billion of U.S. benchmark 10-year Treasury notes, the second part of the November quarterly refunding worth $64 billion. A healthy appetite for longer-dated debt underscored traders' preference for them over shorter-dated issues over the past week and a half, as they brace for further rate increases from the Federal Reserve while expecting domestic inflation to hold below the Fed's 2-percent target.

Uncertainty about whether Republicans in U.S. Congress will pass tax cuts and other changes to the federal tax code have made such "curve-flattener" trades more appealing, they said, as have diminished chances the government will introduce a Treasury bond that matures beyond 30 years. Additionally, markets receive 30-year Bond auctions on Thursday, respectively.

Meanwhile, Japan’s Nikkei 225 traded 1.75 percent higher at 23,315.00 by 04:40, while at 04:00GMT, the FxWirePro's Hourly Yen Strength Index remained neutral at 34.05 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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