HALISTER1: BOJ Unlikely to Cut Short-Term Rates Excessively, Says JPMorgan

BOJ Unlikely to Cut Short-Term Rates Excessively, Says JPMorgan

(Bloomberg) -- BOJ trying to control Japan’s 10-year yield near zero percent suggests 7-year rate on the futures will probably trade slightly below zero, Takafumi Yamawaki, chief rates strategist at JPMorgan Chase & Co., says.
  • Volatility on yield curve is likely to drop
  • NOTE: BOJ maintains policy rate at -0.1% and to expand base if needed; to introduce QQE with yield curve control
  • JGB 10-year yield now up 2 bps at -0.045% after earlier rising above zero for first time since March
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Takafumi Yamawaki (JPMorgan Securities Japan Co Ltd)

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