BOJ: BoJ Makes Rinban Purchase Offers
BoJ offers to buy a total Y1.47tn of JGBs from the market:
- Y475bn worth of JGBs with 1-3 Years until maturity
- Y475bn worth of JGBs with 3-5 Years until maturity
- Y500bn worth of JGBs with 5-10 Years until maturity
- Y30bn worth of floating-rate JGBs
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BOJ: BoJ Makes Rinban Purchase Offers
The BoJ offers to buy a total of Y875bn of JGBs from the market:
- Y450bn worth of JGBs with 1-3 Years until maturity
- Y425bn worth of JGBs with 5-10 Years until maturity
JPY: USD/JPY Testing Initial Resistance
JPY finds itself at the foot of the G10 FX table, with softer than expected final GDP data out of Japan and a modest uptick in e-minis providing some light pressure for the yen. USD/JPY sits 15 or so pips higher on the day, just above Y115.80 after testing technical resistance in the form of the Feb 15 high (Y115.87), building on the recovery from Friday’s low. A break above the Feb 15 high would expose key resistance in the form of the Feb 10 high/Jan 4 high & bull trigger (Y116.34/35).
- Tuesday’s reports that Ukrainian President Zelenskyy is dropping his push to join NATO and is open to discussions surrounding the LPR & DPR separatist regions, in addition to the U.S. effectively pushing back against the idea that Polish attack aircraft could be moved to one of its bases in Germany are also helping support the cross in early Tokyo dealing.
- There isn’t much in the way of tier one risk events on the broader economic docket on Wednesday, meaning that headline flow will be at the fore.
US TSYS: A Touch Cheaper Early On
TYM2 last +0-03 at 127-08, operating within a 0-07+ range thus far. Cash Tsys sit 0.5-1.5bp cheaper across the curve in early Asia dealing, bear flattening. This comes after the U.S. Pentagon played down the chances of Polish MIG planes being moved to one of its German bases. Note that discussions between the two are ongoing, perhaps surrounding the movement of patriot missiles to Poland, although this is only speculation after the U.S. pointed to the potential for such a move on Tuesday.
