JGBs remain flat at lower end even as BoJ policymakers maintain powerful easing stance in April Summary of Opinions

The Japanese government bonds remained flat on the lower side of the curve during late Asian session Thursday, even as the Bank of Japan’s (BoJ) policy board members remained slightly dovish, noting the need to maintain powerful monetary policy easing, besides, acknowledging that there still remains time to reach the 2 percent inflation goal.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, remained flat at 0.05 percent, the yield on the long-term 30-year note traded tad higher at 0.73 percent and the yield on short-term 2-year too remained steady at -0.12 percent by 05:00 GMT.

Some members reiterated the need to maintain ultra-easy policy and even strengthen the BoJ’s commitment to hitting its 2 percent inflation target with price growth still distant from that level, the summary showed.

But others said the central bank must focus more on the rising demerits of its policy, such as the damage that years of near-zero rates is inflicting on financial institutions’ profits.

Also, one of the nine central bank board members said the central bank must find ways to gain a public understanding that it is ready to dial back monetary support if the economy continues to improve, Reuters reported.

Meanwhile, Japan’s benchmark Nikkei 225 stock index traded 0.38 percent higher at 22,493.00 by 05:10 GMT, while at 05:00GMT, the FxWirePro's Hourly JPY Strength Index remained highly bullish at -103.03 (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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