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The Japanese government bonds traded narrowly mixed Tuesday as investors expect that the Bank of Japan will ease interest rate in its two-day September monetary policy meeting, following dovish comments from Governor Haruhiko Kuroda at the annual Jackson Hole Symposium. On the other hand, better-than-expected economic data abated demand for long-term bonds.
The benchmark 10-year bond yield, which moves inversely to its price, fell 1/2 basis point to -0.070 percent, the super-long 30-year JGB yield climbed 1 basis point to 0.400 percent, the 5-year JGB yield dipped 1 basis point to -0.181 percent and the short-term 2-year JGB yield slid nearly 3 basis points to -0.206 percent by 06:40 GMT.
The long-term Japanese government bonds continued to trade lower after the Federal Reserve Chair Janet Yellen at the annual Jackson Hole Symposium signalled that the possibilities of increasing policy rates have strengthened in recent months.
Moreover, the Bank of Japan governor Kuroda while speaking at Jackson Hole hinted at negative-rate bias and said that the central bank will continue to carefully examine risks and take additional easing measures without hesitation. He said that there is a possibility that long term inflation expectations are yet to be anchored in Japan.
Kuroda said he felt that between quantitative easing and negative interest rates the BoJ had an "extremely powerful policy scheme" and "will act decisively as the bank moves on in order to raise inflation to 2 percent.
According to recent Reuters poll, 60 percent of economists see the Bank of Japan easing in September; 40 percent see them stay unchanged. Pollsters are split on possible policy action and over 50 percent said the BoJ will adopt more flexible wording on inflation targeting.
In terms of recent economic data, Japan’s July unemployment rate fell to more than two decades low to 3.0 percent, lower than the market expectations of 3.1 percent, from 3.1 percent in June. However, the job-to-applicant ratio for July remained steady at 1.37.
Additionally, Japan July retail trade rose 1.4 percent m/m, higher than the consensus of 0.8 percent m/m, as compared to 0.3 percent in June. Overall household spending fell -0.5 percent y/y, better than the expectation of 1.5 percent fall, from down 2.2 percent in June.
Meanwhile, the benchmark Nikkei 225 closed down 0.07 percent at 16,725.36 and the broader Topix index also closed 0.03 percent lower to 1,312.81 points.
