Uh-oh.
J-bond futures trading has been halted.
The last 2 days have
seen JGB prices plunge at the fastest rate since the post-Lehman
debacles in Sept/Oct 2008 smashing back to 13 month highs. 5Y yields are surging even more - trading above 34bps now (up from 9.9bps on March 5th). These
are simply astronomical moves in the context of JGB history and
strongly suggest Abe & Kuroda are anything but in control of the
quadrillion Yen domestic bond market as they jawbone inflation
expectations into the psychology of the people. Of course, the Nikkei is
surging (now up 9% in the last 5 days alone) amid JPY breaking above
102 (but for now it has rallied back to 101.80).
HT: Grim
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