FW: [Maybank] JPY – Stealth Tightening? Not Likely

 

 

, GBL: JPY – Stealth Tightening? Not Likely FX Flash by Saktiandi Supaat FX Research The BOJ announced on 9 Jan that it was reducing its purchases of bonds maturing in more than 10 years by JPY10bn. It reduced purchases of 10-25 year bonds to JPY190bn, and those over 25 years to JPY80bn. This surprise move by the BOJ - the first reduction since Dec 2016 – sent the market into a tailspin. JGB yields rose with 10Y JGB spiking to a high of 0.092% to a level not seen since Jul 2017 as market participants followed the BOJ in cutting back their JGB holdings ... Saktiandi Supaat    (65) 6320 1379    saktiandi@maybank.com.sg Leslie Tang    (65) 6320 1378    leslietang@maybank.com.sg Disclaimer This email and its attachment(s) are confidential and are intended solely for the use of the individual to whom it is addressed. Any views or opinions expressed are solely those of the author and do not necessarily represent those of Maybank Kim Eng or any of its affiliates. Intended recipients of this email are prohibited from disseminating, forwarding, printing and/or copying its contents. If you are not the intended recipient of this email, you are strictly prohibited to take any action based upon them, which also includes dissemination, forwarding, printing and copying of its contents. Maybank Kim Eng Research sent this e-mail to you because your Notification Preferences indicate that you want to receive information about our daily research reports. If you wish to read Disclaimer in details, please click HERE. To unsubscribe or change preference settings, please contact your representative HERE.