The Bank of Japan maintained its accommodative monetary policy.
On Tuesday (10/31), the Bank of Japan decided to maintain its accommodative monetary policy unchanged. In the early Asian session, the 10-year Treasury yield decreased from around 4.90% to near 4.85%, and further declined to about 4.83% after midday following the German bonds, marking a relatively low level in the past two weeks. Credit spreads for Asia IG bonds remained mostly stable. Among them, bonds issued by the Korea quasi names, such as Korea Electric Power and Korea Gas, outperformed due to buying interest from real money investors.
Important news
On Tuesday, the Bank of Japan announced its interest rate decision for October, keeping the yield target of 10-year JGB at 0% unchanged. However, the Bank of Japan redefined 1% as a loose “upper bound” rather than a rigid cap, increasing the flexibility of its Yield Curve Control (YCC) policy.
Secondary market trading
· KORELE 5.375% 2026 bonds traded near 5.61%
· KORGAS 2.25% 2026 bonds traded near 5.59%
日本央行維持寬鬆貨幣政策
週二（10/31）日本央行決議維持寬鬆貨幣政策不變，亞洲時段早盤10年期美債利率自4.90%走低至約4.85%附近，午盤過後隨德債近一步走低至約4.83%，為近兩週的相對低位。亞洲地區投資等級債券的信用利差大致維持不變；其中，韓國的國有發債機構如韓國電力、韓國天然氣因有實質投資人買盤，表現優於市場。
重大新聞
週二日本央行公布10月利率決議，維持10年期國債收益率目標在0%不變，但是重新定義了10年期國債收益率的1.0%為鬆散的上限，而非剛性上限，殖利率曲線控制(YCC)政策的靈活性有所增加。
次級市場交易
· 韓國電力（KORELE） 5.375% 2026年券收益率約5.61%
· 韓國天然氣（KORGAS） 2.25% 2026年券收益率約5.59%
The Bank of Japan maintained its accommodative monetary policy 日本央行維持寬鬆貨幣政策
