📝 BoJ Not Seen Intervening In Super-Long JGBs: BNP

BOJ’s basic stance is to keep away from getting involved in super-long sectors. Unscheduled or unlimited purchase operations are more effective, so rather than change the quarterly plan, the BOJ may opt to use irregular operations for the 5-10 year sector. BOJ may step in if super-long yields are pulled higher by 10-year zone, but that’s not the case now. - BNP Japan Strategists