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Forex Flash: Lots of concern over the recent JGB move - Societe Generale

FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that there has been notable conern in the market over the recent move in JGBs.

He feels that the core of the debate is whether this is the repricing of another isolated asset class, playing catch-up with other curves (e.g. UST and blame regional banks VaR risk mgt) or it is something more sinister. Galy writes, “Is the implication to limit eventually the topside in USD/JPY as Japanese real money prefers to grab yield at home? I presume so. Kit is working on this topic as he heads back from a conference in Sweden and we have our JGB specialists. I am head down on valuation metrics ahead of a long marketing round in Europe mid June.”

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