OUTLOOK: Price Signal Summary - Bull Cycle In Bunds Intact

• 4,000 SFRV5 96.62 calls, 1.0 vs. 96.36/0.10% at 0711:01ET

• CBK (18/12/26 vs 18/06/27) 20p, bought the 2027 in 100k.

It is confirmed that the trade is good, and not a miss cross.

"*BOJ EXPECTED TO HOLD RATES STEADY AT MEETING THIS WEEK: NIKKEI" Bloomberg

No big surprises there with that Nikkei headline (story here ) - there's much more interest in the BOJ decisions later this year (October, December).

• The MNI Policy Team highlighted that BOJ officials will pay close attention to the September Tankan results on Oct 1.
• Economists predict the Bank of Japan’s September Tankan survey will show a modest improvement in benchmark business sentiment from three months ago, with capital investment plans by major firms for fiscal 2025 likely to remain solid.
• While supportive for the BOJ in seeking opportunities to raise the policy rate, the results alone are unlikely to be decisive for a hike at the October meeting. Uncertainty over trade policy continues, though the July 22 Japan-U.S. trade deal is expected to help lift sentiment.