Title: T-Bond Jun '21 Futures Contract Specifications - Barchart.com
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T-Bond Jun '21 (ZBM21)
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Content: Japan - The SGX Japan 10-year Japanese government bond (JGB) futures contract (Barchart.com symbol JX) saw some strength during summer 2019 but then fell back and closed the year little changed. The Bank of Japan (BOJ) since September 2016 has pursued a yield-curve control policy where the central bank enforces a steeper yield curve with the 10-year JGB yield near zero, potentially allowing its 80-trillion-yen per year bond-purchase program to fluctuate in size to meet its yield target. The 10-year JGB yield has therefore been trading in a narrow range near zero, within the BOJ's target boundary of +/- 0.20%. Japanese GDP growth took a sharp hit in Q4-2019 after the Japanese government raised the national sales tax to 10% from 8% effective October 1, 2019, in order to help reduce the government's massive national debt. The Japanese economy then took a much sharper hit in early 2020 with the arrival of the coronavirus pandemic. The Bank of Japan already had its policy rate at -0.10% and didn't want to cut it further into negative territory since that would further damage bank profits. However, the BOJ in March 2020 did announce an expansion of its quantitative easing program by boosting its purchases of exchange-traded funds (ETFs). Information on commodities is courtesy of the CRB Yearbook, the single most comprehensive source of commodity and futures market information available. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope for commodities information is second to none. The CRB Yearbook is part of the cmdty product line.