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Fixed Income Commentary

Intriguing RV graphs: Can forex intervention halt upward 10-year JGB yield trend?

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Intriguing RV graphs: Can forex intervention halt upward 10-year JGB yield trend?

Key points

  • Forex intervention temporarily halts 10yr JGB yield upward trend, but sustained decline difficult while concerns about falling “behind the curve” linger

  • While forex intervention (concerns) restrains USD/JPY rise, yen remains weak against other currencies; factor behind rising inflation expectations

  • Also, concerns about fiscal policy likely to linger for now, need to monitor 10yr JGB yield rise and widening of 2s10s JGB yield spread

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