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The Japanese government bonds slumped Friday as markets followed an overnight retreat by U.S. Treasuries. Also, investors moved away from safe-haven buying after Bank of Japan’s Governor Haruhiko Kuroda made hawkish comments in the Parliament on Thursday.
The benchmark 10-year bond yield, which moves inversely to its price, rose 1 basis point to -0.044 percent, the yield on long-term 30-year Treasury jumped nearly 2 basis points to 0.521 percent and the yield on short-term 3-year note climbed 1/2 basis point to -0.223 percent by 06:20 GMT.
Following the global debt markets, the U.S’s 10-year yield rose 1-1/2 basis points to to 1.86 percent and the U.K’s equivalent touched its highest since the Brexit vote on June 23 to 1.24 percent on strong Q3 GDP.
In terms of recent economic data, Japan's nationwide overall consumer prices remained unchanged at -0.5 percent in September. Also, the Bank of Japan’s September core CPI slightly rose 0.2 percent, against market expectation of 0.3 percent increase, as compared to the 0.4 percent rise in August.
Additionally, Japanese overall household spending fell 2.1 percent y/y, data improved against market expectations of 2.7 percent decline, from down 4.6 percent same period a year ago. September jobless rate also dipped to 3.0 percent from the lowest level since 1995 of 3.1 percent.
On Thursday, BoJ’s Governor Kuroda said that he does not see an immediate need to change short and long-term rate target levels. He said that there is absolutely no plan to reduce BoJ's JGB holdings now and Japan's yield curve is moving in line with shape, considered desirable at the previous policy meeting. He said the 10-year JGB yields are moving in line with BoJ's target of around 0 percent and there are still plenty of JGBs in the market for BoJ to buy; JGB buying operations have been extremely smooth so far.
Further, he said that it is possible to run out of JGBs to buy over very long term. However, he does not anticipate any such problem in the near term. He also said that the CB cannot buy foreign bonds under current BOJ regulations.
We foresee that the BOJ is expected to maintain its minus 0.1 percent short-term interest rate target at its two-day meeting ending on Tuesday, next week. In September, the BOJ shifted the focus of its monetary policy framework to controlling the yield curve by actively guiding the 10-year yield around zero.
According to a Bloomberg survey of economists showed majority expect no change from the bank at this meeting. Around 35 percent think that Kuroda's BOJ is done with adding to stimulus. Only 2 of the 43 respondents looking for more easing at the meeting, both forecast a cut in the negative interest rate on some commercial bank reserves to -0.2 percent.
Meanwhile, the benchmark Nikkei 225 closed up 0.63 percent at 17,446.41 and the broader Topix index closed 0.75 percent higher to 1,392.41 points.
