Fixed Income Commentary

Intriguing RV graphs: Hints from JGB trends since PM Ishiba’s resignation announcement

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Intriguing RV graphs: Hints from JGB trends since PM Ishiba’s resignation announcement

Key points
  • Calm JGB market reaction despite political situation becoming unstable again after PM Ishiba's resignation announcement
  • Market may have had already priced in Mr. Ishiba's resignation or concluded that substantial fiscal expansion difficult regardless of who becomes next PM
  • If latter factor also plays role, key catalysts going forward to include not only "next PM" but also "coalition/policy negotiations"

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