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The Japanese government bonds traded modestly lower Monday, following hopes of a slight rise in the country’s consumer price inflation for the month of May, scheduled to be released on June 30. In addition, the Bank of Japan’s (BoJ) Governor Kuroda’s speech, due to be held on June 28 will add further clarity to the debt market.
The benchmark 10-year bond yield, which moves inversely to its price, hovered around 0.05 percent, the long-term 30-year bond yields remained tad higher at 0.81 percent and the yield on the short-term 3-year note traded 1 basis point higher at -0.08 percent by 07:00 GMT.
According to a piece from the FX Street, analysts at Nomura said that for the week ahead, the all-Japan core CPI inflation for the month of May is expected to come in at 0.5 percent y/y as the rise in import costs stemming from JPY depreciation through end-2016 starts to create an impact.
Further, according to the latest report from Reuters, the BoJ policymakers focused on how best to communicate their intentions as improvements in the economy heighten market attention to the timing of an exit from ultra-easy monetary policy, according to the Summary of Opinions from the latest June 15-16 rate review.
"We forecast industrial production in May to fall 3.0 percent m/m, the unemployment rate at 2.8 percent for May, flat m/m," Nomura added.
Lastly, investors shall grow impatient over a host of economic data releases through this week, besides the CPI inflation, that includes May retail sales, household spending, unemployment rate and industrial production to name a few.
Meanwhile, Japan’s Nikkei 225 closed 0.10 percent higher at 20,153.35, while at 07:00GMT and the FxWirePro's Hourly Yen Strength Index remained highly bearish at -157.69 (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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