DB Japanese Govt Bond Futures ETN
 (JGBL)

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  • Sun, Jan. 10, 7:38 AM
    | Sun, Jan. 10, 7:38 AM | 18 Comments
  • Nov. 30, 2015, 4:05 AM
    | Nov. 30, 2015, 4:05 AM | 9 Comments
  • Nov. 3, 2015, 9:58 PM
    • Japan Post launched the largest IPO in the world this year with investors snapping up shares of Japan Post Bank, Japan Post Insurance, and Japan Post Holdings in Tokyo on Wednesday.
    • The government of Japan raised approximately ¥1.44T ($12B) from the triple IPO.
    • The privatization of the large government institutions is seen as a critical part of Prime Minister Shinzo Abe's efforts to turn savers in the nation into investors.
    • ETFs: DXJ, EWJ, JGBS, JGBD, DBJP, NKY, EZJ, JEQ, JPNL, EWV, HEWJ, JGBL, JPP, JGBT, JGBB, FJP, JHDG, DXJF, JPN, JDG, HGJP
    | Nov. 3, 2015, 9:58 PM
  • Oct. 2, 2015, 2:52 AM
    • Japanese unemployment edged up to 3.4% in August from 3.3% in July, which was the lowest since April 1997, with economists expecting the rate to hold steady. (PR)
    • Job availability rose to its highest level since January 1992, with the job-to-applicants ratio increasing to 1.23 from 1.21 and vs consensus of 1.22%. The rise suggests that unemployment could fall in the coming months.
    • Meanwhile, household spending recovered smartly to rise 2.9% in August after dropping 0.2% previously and soundly beat forecasts of +0.4%. (PR)
    • However, inflation expectations at Japanese firms weakened, a Bank of Japan survey shows, with businesses expecting annual inflation on consumer products to reach around 1.2% in a year's time, down from the prior forecast of +1.4% in June. The BOJ's target, lest we forget, is 2%. (PR)
    • The USD-JPY is +0.1% at 120.03 yen, while the Nikkei is flat at 17725.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, DFJ, JGBD, DBJP, NKY, JYN, JOF, EZJ, JEQ, JPNL, DXJS, EWV, YCL, SCJ, HEWJ, JSC, ITF, JGBL, JPP, JGBT, QJPN, FJP, JGBB, JPMV, DXJT, DXJC, DXJR, JHDG, DXJH, DXJF, JDG, HEGJ, HGJP, JPN
    | Oct. 2, 2015, 2:52 AM | 5 Comments
  • Sep. 18, 2015, 3:41 AM
    • Government bond yields across the globe are in party mode after the U.S. Federal Reserve kept interest rates unchanged in a nod to concerns about a weak global economy.
    • The German 10-year yield - the eurozone benchmark - is down 8 bps to 0.69%, mirroring a similar move in U.S. Treasuries overnight.
    • Equivalents in France, Spain, Italy and the U.K. fell even further, dropping 9-11 basis points, following Asian yields lower.
    • ETFs: FAX, GIM, EU, BNDX, JGBS, JGBD, DSUM, BWX, AUNZ, ALD, IGOV, BUNL, JGBL, CBON, GGOV, BUNT, JGBT, JGBB, CHNB
    | Sep. 18, 2015, 3:41 AM | 6 Comments
  • Sep. 10, 2015, 4:42 AM
    • Japan's government is looking to raise a total of $11.5B in the sale of stakes of 10% in Japan Post Holdings Co and its bank and insurance units.
    • The privatization is set to be Japan's largest in almost three decades as Prime Minister Shinzo Abe continues his economic reforms.
    • Japan Post Bank has a portfolio of $1.7T, making it one of the world's largest institutional investors, while the insurance company is the country's biggest by assets.
    • However, worries exist about the prospects for the firms, which are heavily regulated to protect competitors in the private sector; meanwhile, volume in mail services is falling.
    • ETFs: DXJ, EWJ, JGBS, JGBD, DBJP, NKY, EZJ, JEQ, JPNL, EWV, HEWJ, ITF, JGBL, JPP, JGBT, JGBB, FJP, JHDG, DXJF, JPN, JDG, HGJP
    | Sep. 10, 2015, 4:42 AM
  • Sep. 10, 2015, 3:32 AM
    • Japanese machinery orders, a leading indicator of capital expenditure, unexpectedly dropped 3.6% on month in July after falling 7.9% in June and badly missed consensus of +3.7%.
    • On year, orders +2.8% vs 16.6% and +10.5%.
    • "Poor orders, particularly at the service sector, reflect persistent weakness in domestic demand," says economist Takeshi Minami.
    • The numbers add to a series of weak data recently and could add pressure on the Bank of Japan to add more stimulus.
    • The problem for policymakers is that they were hoping that the weaker yen and lower energy prices would help boost corporate profits, which would be used to increase wages and capital spending. However, this doesn't seem to be happening.
    • The Nikkei has tumbled 2.5% after surging 7.7% yesterday, while the USD-JPY is +0.3% at ¥120.84.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, DFJ, JGBD, DBJP, NKY, JYN, JOF, EZJ, JEQ, JPNL, DXJS, EWV, YCL, SCJ, HEWJ, JSC, ITF, JGBL, JPP, JGBT, QJPN, JGBB, FJP, JPMV, DXJT, DXJC, DXJR, JHDG, DXJH, DXJF, JDG, HGJP, JPN
    | Sep. 10, 2015, 3:32 AM
  • Sep. 9, 2015, 2:52 AM
    • Japan's Nikkei index has surged 7.7% after dropping 2.4% yesterday as global stocks rallied, boosted today by the prospect of corporate tax cuts and further stimulus in China.
    • Prime Minister Shinzo Abe pledged to cut rates by 3.3 percentage points from 35% from next year and wants to eventually lower the number into the twenties, "bringing it to a level that compares favorably in the international context."
    • Abe's plan comes as the impact of his radical economic reform over the past three years appears to be fading, with GDP falling 1.2% in Q2.
    • Today's rise in stocks was the Nikkei's largest single-day gain since October 2008.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, DFJ, JGBD, DBJP, NKY, JYN, JOF, EZJ, JEQ, JPNL, DXJS, EWV, YCL, SCJ, HEWJ, JSC, ITF, JGBL, JPP, JGBT, QJPN, JGBB, FJP, JPMV, DXJT, DXJC, DXJR, JHDG, DXJH, DXJF, JDG, HGJP, JPN
    | Sep. 9, 2015, 2:52 AM | 7 Comments
  • Sep. 8, 2015, 5:24 AM
    | Sep. 8, 2015, 5:24 AM | 3 Comments
  • Sep. 8, 2015, 3:49 AM
    • Japanese Prime Minister Shinzo Abe has won a rare second three-year term as the President of his Liberal Democratic Party (LDP) after potential rival Seiko Noda was unable to garner enough sponsors to launch a challenge in a vote.
    • While Abe wants to "spread the feeling of recovery to every nook and cranny of the regions," the economy has been stuttering of late despite his radical agenda since he became PM in December 2012.
    • GDP slumped 1.2% in April-June, hurt by a fall in exports and soft consumer spending.
    • Still, Abe's victory represents a rare period of stability in Japan's often turbulent political scene.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, DFJ, JGBD, DBJP, NKY, JYN, JOF, EZJ, JEQ, JPNL, DXJS, EWV, YCL, SCJ, HEWJ, JSC, ITF, JGBL, JPP, JGBT, QJPN, JGBB, FJP, JPMV, DXJT, DXJC, DXJR, JHDG, DXJH, DXJF, JDG, HGJP, JPN
    | Sep. 8, 2015, 3:49 AM | 1 Comment
  • May 6, 2015, 4:36 AM
    | May 6, 2015, 4:36 AM | 5 Comments
  • Apr. 27, 2015, 11:49 AM
    • The yen weakened for a few minutes following the news, but has since retaken that ground, with dollar/yen stronger by 0.15% on the session to ¥119.09. JGBs are snoring through the news as well, with the 10-years up one basis point at 0.30%.
    • Fitch keeps the outlook stable, but warns of another rating cut if: 1) Evidence that the authorities’ commitment to fiscal consolidation was weakening, such as failure to articulate a clear and credible strategy for stabilizing public debt ratios, or slippage relative to targets; 2) Weaker macroeconomic performance than Fitch expects for a sustained period, intensifying the challenge in stabilizing the public finances; 3) A sharp and sustained rise in real interest rates demanded by investors to hold government debt.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DBJP, NKY, JYN, EZJ, JPNL, EWV, YCL, HEWJ, ITF, JGBL, JPP, JGBT, JGBB, FJP
    | Apr. 27, 2015, 11:49 AM
  • Apr. 8, 2015, 4:58 AM
    • The Bank of Japan's board has voted 8-1 to keep its asset-purchase target at ¥80T a year, rejecting a call by stimulus critic Takahide Kiuchi to slash the goal to ¥45T. (PR)
    • As in the U.S., all that money printing has caused an inflation in assets, if not in consumer goods and services, and the Nikkei rose 0.8% to 19,789.81, the highest close since April 2000. The USD-JPY is -0.4% at ¥119.87.
    • Meanwhile, Japan's current-account surplus surged to ¥1.44T ($12B) in February from ¥61.4B in January and easily beat consensus of ¥1.15T.
    • The latest figure is the highest in almost 3 1/2 years and was boosted by increased income from overseas investments and the trade deficit narrowing to ¥143.1B from ¥864.2B.
    • A main reason for the trend is a drop in oil prices, which has made imports cheaper. The weaker yen is also helping.
    • The surplus, the eighth in a row, indicates that Japan has again become a large external creditor following a series of current-account deficits at the end of 2013. (PR)
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, DFJ, JGBD, JYN, NKY, DBJP, EZJ, EWV, JPNL, YCL, DXJS, SCJ, JSC, ITF, JGBL, JPP, JGBT, HEWJ, JGBB, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC
    | Apr. 8, 2015, 4:58 AM | 2 Comments
  • Mar. 5, 2015, 5:05 AM
    • Bank of Japan board member Takahide Kiuchi called the bank's inflation projections overly optimistic and questioned the sustainability of its aggressive stimulus Thursday, in a direct challenge to Gov. Haruhiko Kuroda.
    • The BOJ faces the risk of being perceived as directly financing the government deficit, Kiuchi said. The bank's stimulus measures absorb almost 90% of newly issued government debt.
    • Kiuchi also rejected Kuroda's forecast that Japan's CPI will reach 2% by the middle of 2016.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, DFJ, JGBD, JYN, NKY, DBJP, EZJ, EWV, JPNL, YCL, DXJS, SCJ, JSC, ITF, JGBL, JPP, JGBT, HEWJ, JGBB, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC
    | Mar. 5, 2015, 5:05 AM
  • Feb. 5, 2015, 3:36 PM
    • "The government’s choice for the BoJ board sends a clear signal in favor of on-going monetary policy accommodation," says HSBC's Izumi Devalier,  now expecting additional monetary stimulus as early as April.
    • Prime Minister Shinzo Abe last night nominated Waseda University professor Yutaka Harada to the BOJ's nine-member policy board. He's replacing Ryuzo Miyao, who's not exactly a hawk either.
    • More from Devalier: "Mr. Harada’s addition will undoubtedly tilt the board to an even more dovish direction. A monetarist and staunch proponent of PM Abe’s reflationary policies, Mr. Harada has long argued that insufficient monetary easing was a root cause of Japan’s long stagnation and deflation." Harada's preference for more easing, says Devalier, is JGB purchases instead of ETF buys.
    • The yen (NYSEARCA:FXY) is lower by 0.3% today, with dollar/yen at ¥117.56.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, JYN, NKY, DBJP, EZJ, EWV, JPNL, YCL, ITF, JGBL, JPP, JGBT, HEWJ, JGBB, FJP, DXJF
    | Feb. 5, 2015, 3:36 PM | 3 Comments
  • Jan. 15, 2015, 1:29 PM
    • Ridiculous long-term interest rates in Japan have gotten even more so since the central bank began buying massive quantities of government paper, with the 10-year JGB yield falling at last check to 0.25%.
    • The vanishing rate has made it impossible for insurers to generate enough returns to be able pay benefits to policyholders, and Nippon Life is planning a premium hike in February, with others likely following. Fukoku Mutual Life Insurance is contemplating halting sales of lump-sum endowment insurance and other products.
    • Money funds have to deal with the short end of the curve, and rates are negative all the way out to 5 years, where the yield is now 0.00%.
    • Aware of this, the BOJ nevertheless boosted the asset purchase program in October, but some members don't like the idea of killing earnings at financials and giving the impression the QE program is less stimulus and more a scheme enabling the government's deficit spending. "We have caused tremendous trouble for the financial industry," says one BOJ member.
    • ETFs: DXJ, EWJ, NKY, DBJP, EZJ, EWV, JPNL, ITF, JPP, HEWJ, FJP, DXJF,
    • JGB ETFs: JGBS, JGBD, JGBL, JGBT, JGBB
    | Jan. 15, 2015, 1:29 PM | 6 Comments
JGBL Description
The DB Japanese Govt Bond Futures ETN tracks an index that measures the performance of a long position in Japanese government debt with remaining maturities between 8.5 and 11 years.
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Country: Japan
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