[MARKET ANALYSIS] Fixed income contained, with focus now on the BoJ and its outlook report
The fixed income market appears contained as traders await the Bank of Japan's upcoming outlook report, which is anticipated to show a significant increase in price forecasts alongside a potential cut in growth outlook.
US President Trump is unlikely to accept Iran's plan, according to CNN citing sources; reopening the strait without resolving the nuclear issues could remove a key piece of US leverage
BYD (1211 HK) has drawn EU criticism over allegations of labour abuse at its Hungary factory, according to CNBC
[MARKET ANALYSIS] Fixed income contained, with focus now on the BoJ and its outlook report
[MARKET ANALYSIS] FX muted, USD/JPY tops 159.55 ahead of BoJ rate decision
PREVIEW: BoJ Announcement due Tuesday 28th April 2026 from 03:30BST / 22:30EDT (Monday)
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- UST Futures oscillate in a narrow 3 tick range, after benchmarks were pressured in Monday’s session as energy prices rose. Despite US officials highlighting US President Trump’s disappointment with Iran’s proposal, USTs remain unmoved.
- Bund Futures are softer, holding at the lower end of their 125.24-125.26 range. Newsflow has been light, driving German debt, with price action continuing to be energy-dependent.
- JGB Futures outperform their peers, albeit within narrow ranges, ahead of the BoJ announcement. Focus will be on the outlook report, in which the Bank is expected to sharply increase its price forecast and potentially cut its growth outlook.
This has caused Japanese Government Bonds (JGBs) to outperform their peers, while U.S. Treasury and Bund futures remain relatively stable but pressured by rising energy prices. The implications here could shift the sentiment around rates, particularly in the context of global inflation forecasts and central bank policy directions.
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