quando rompo eccessivamente lo scrotaus fatemi un fischio....nehh...
Japanese government bonds in demand despite Nikkei rally- Nikkei Asian Review
TOKYO -- Even with the Nikkei Stock Average at a six-year high and Japanese government bond yields remaining low, bond buying by financial institutions is still going strong.
Yields on two-year JGBs dropped 1 basis point on the day Thursday to 0.085%, the lowest since the Bank of Japan launched its current monetary easing program in April. The Ministry of Finance held an auction for 2.9 trillion yen ($28.17 billion) of the bonds. It received
17.41 trillion yen in bids and accepted 2.66 trillion yen, with an average accepted price of 100.027 yen. The tail, or the gap between the average and lowest accepted bids, was 0.002 yen -- narrower than the 0.005 yen at the Oct. 29 auction. A smaller tail indicates better results.
About 1.2 trillion yen of the accepted bids came from
unknown sources other than securities firms.
Some suspect that major banks were behind about 80% of these purchases . The yield on two-year JGBs is lower than the 0.1% interest rate on funds held by the Bank of Japan, but banks are likely looking to
turn a profit on selling the instruments to the central bank. Demand is also stronger among investors that cannot hold accounts with the BOJ, such as investment trust companies and non-Japanese, as a place to park surplus funds.
Yields on newly issued 10-year JGBs dropped to 0.6%. Since 2000, a Nikkei average above 15,000 has generally corresponded with long-term interest rates in the mid-1% range or higher. The current break in this pattern is largely because "the Bank of Japan's large-scale government bond buying has tightened the supply-demand balance in the bond market," says Kazuya Ito of Daiwa SB Investments.
Just how long high stock prices and low rates can coexist is unclear......
"If more people feel that the rally will continue, aiming for a Nikkei average in the 16,000 range," warns Kazuhiko Sano of Tokai Tokyo Securities,
"it will create a risk of higher interest rates."
Yen primed to slide amid easy money, trade deficit- Nikkei Asian Review
The Bank of Japan is seen pursuing
additional easing measures if the domestic economy slows due to the sales tax hike in April.
This will likely keep interest rates in Japan low. Meanwhile, the U.S. is moving to eventually wind down monetary easing, which will likely push up interest rates there.
(carry a tutto spiano)
A long-term factor behind the yen's depreciation is Japan's trade deficit. October marked the
16th straight month that Japan's imports exceeded exports. With a growing trade deficit, import companies sell more yen in order to secure necessary funds in foreign currencies.