JGBL: PowerShares DB Japanese Government Bond Futures ETN StockTalks

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Friday, May 24, 3:41 AM The yen is higher vs the dollar as volatility in the currency markets somewhat echo the gyrations in Japanese stock markets. Bank of Japan Governor Haruhiko Kuroda says that the BOJ has no set target for the yen and that stability in Japanese debt market is "extremely desirable." His comments follow the extreme instability yesterday, when 10-year JGB yields rose as high as 1%, prompting the BOJ to step in with a fund-supplying operation. Dollar -0.5% at -¥101.54. Comment! [Global & FX, Top Stories]
Thursday, May 23, 4:42 AM Even Japanese stocks are subject to the law of gravity (who knew?) as a confluence of factors sends the Nikkei (EWJ, DXJ) plunging 7.3% on the session (the swing from intraday high to low was ~9%). Yields on JGB 10s (JGBL) spiked above 1% at one point as an already skittish and volatile market was further rattled by what have generally been perceived as hawkish comments out of Ben Bernanke and other Fed officials on Wednesday. Yields pulled back in late trading. Compounding the problem for Japanese stocks was the yen (FXY), which has strengthened some 2% against the dollar to 101.16 most recently. (See also: China HSBC flash PMI shows contraction) 8 Comments [Global & FX, On the Move]
Wednesday, May 22, 4:55 AM More from the BOJ: Governor Kuroda elected to steer largely clear of what many view as a no-win situation Wednesday when he didn't use this week's policy meeting statement to jawbone government bonds (JGBL) higher. Surging yields have underscored concerns that the BOJ's purchases could suck liquidity from the bond market, stoking volatility, but rising yields can also be interpreted as a sign investors expect the BOJ will be successful at reflating the Japanese economy. However, acknowledging this is somewhat counterintuitive as "the whole aim of QE is to keep bond yields down," one economist tells CNBC, adding that the BOJ is "damned if they do, damned if they don't." Yields on JGB 10s moved higher to 0.89% after the statement. Comment! [Global & FX]
Tuesday, May 21, 11:38 AM In case anyone was curious, Kyle Bass continues to bet on a full-blown Japanese currency (FXY) and government debt (JGBT, JGBL, JGBS, JGBD) crisis. "This gross vs. net argument is just silly," says Bass alluding to large official and other domestic holdings of JGBs. "If they go to try and sell any of those assets, it will create a panic." Bass commissioned a poll of Japanese investors asking their reaction if the government asked them to buy JGBs amid a crisis: 8% said they would buy, 83% said they would "run, not walk" from the paper. 2 Comments [Global & FX]
Monday, May 20, 9:47 AM UBS' 5 "suspected" asset bubbles: 1) Risk-free rates - specifically Treasurys (TLT), Bunds (BUND, BUNL), JGBs (JGBL, JGBT, JGBD, JGBS) 2) Credit (HYG, JNK) 3) Real estate in Asia (WPS) 4) Certain EM equity markets (EIDO, IDXJ, EPHE, THD, EWW) 5) Australian banks (WBK, NABZY.PK, ANZBY.PK, CMWAY.PK). Comment!
Wednesday, May 15, 7:32 AM The Nikkei (EWJ, DXJ) soared another 2.3% overnight to top 15K for the first time since 2007 as the yen (FXY) slid 0.3% to a new multi-year low of ¥102.65. Leading was Sony (SNE), up 10% following Dan Loeb's push for a breakup. Toyota (TM) paced the exporters with a 3.7% gain. JGBs (JGBL) were calm, the yield on the 10-year flat at 0.86%. 4 Comments [Global & FX, On the Move]
Tuesday, May 14, 1:24 PM Nearly 50% of the world's $19.4T in government bonds trades with a yield below 1%, according to BAML. What amazingly might turn the statistic could be Japanese Government Bonds. JGBs shot up another 11 bps overnight, now yielding about their highest in a year at 0.86%. If Abe-nomics succeeds, the leveraged inverse JGB ETN (JGBD +1.7%) will be a popular spot. Comment!
Friday, May 10, 8:04 AM Japanese government bonds take notice of the crumbling yen, with 10-year JGBs shooting higher by 10 bps overnight to 0.69%. The yield remains ridiculously low, but a 10 point move in such a sleepy instrument bears watching. The 3x inverse JGB futures ETN (JGBD) +1.8% premarket. Other JGB ETNs: JGBL, JGBS, JGBT. Comment! [Global & FX]
Wednesday, April 17, 8:56 AM Following a nearly 3-week period in which DB halted creations for 26 ETNs on which it's the indexer, the bank finally resumed creations on the notes yesterday. The affected notes follow: BDD, BDG, BOM, BOS, BUNL, BUNT, DEFL, DGP, DGZ, DOD, DTO, DZZ, INFL, ITLT, ITLY, JGBD, JGBL, JGBS, JGBT, LBND, OLO, SBND, SZO, UDNT, UUPT, WMW. 1 Comment
Tuesday, April 9, 3:41 PM Bill Gross says he has changed his mind on Treasury bonds maturing in 10-years or less thanks to Japan's epic monetary easing. The premise: yields that look meager to U.S. investors look rich to the Japanese. "They [Treasurys] yield 125 basis points more" than what investors are getting on a 10-year JGB. (Previously: JGB yields plummet) 10 Comments
Monday, April 8, 1:34 AM The Bank of Japan has started its new aggressive asset-buying program, saying it will acquire ¥1T ($10.3B) of Japanese government bonds with maturities of 5-10 years, and ¥200B of bonds with maturities exceeding 10 years. The purchases are part of the BOJ's plan to inject $1.4T into the economy in under two years. The Nikkei is +2.5% and yen is -1% vs the dollar. 2 Comments [Global & FX, On the Move]
Sunday, April 7, 8:31 PM The yen (FXY) tumbles another 1% vs. the dollar as a new report suggests the BOJ plans to move fast and move big with JGB purchases. Buying less than ¥93 moments before the BOJ announced aggressive new easing measures Thursday, the dollar this moment is worth ¥98.51. The Nikkei adds 2.8% in early Tokyo trade, giving it a middling 8.6% gain since Thursday. 16 Comments [Global & FX, On the Move]
Friday, April 5, 7:33 AM Violent swings in the Japanese government bond prices forced the Tokyo exchange to twice temporarily stop trading in them overnight. JGB prices first continued to rise sharply in wake of the new BOJ policy - the yield plunging to 0.315% - but investors rushed to take profits, and the yield then soared to 0.62%. This for a product in which a 2 basis point move makes headlines. 6 Comments [Global & FX]
Thursday, April 4, 11:09 PM Japanese stocks (EWJ) explode higher as the Nikkei (NKY) rises +3.8%, buoyed once again by the BOJ's extraordinary policy announcement. Meanwhile, yields on 10- and 30-year Japanese government bonds plummeted, falling as low as 0.33% and 1.04% respectively. George Soros went on record saying that "what Japan is doing is quite dangerous." 5 Comments [Global & FX, Top Stories]
Thursday, April 4, 1:10 PM The BOJ is buying assets at 75% of the Fed's level in a Japanese economy only one-third the size of the U.S., says Kyle Bass, putting last night's new policy in perspective. Japan is trying to materially devalue its currency (FXY) while holding rates flat. The "economists and central bankers believe they can live in that nirvana," says Bass, but he believes they will lose control. JGBs (JGBT, JGBL, JGBD, JGBS) are in nirvana today, the 10-year off 11 bps to 0.45%. 3 Comments [Global & FX]
Thursday, April 4, 11:03 AM It's a true "regime change" at the BOJ, says Citigroup, commenting on the central bank's new easing measures overnight. Gone is any hint of concern about monetizing government paper, and up next may be additional stimulus in the form of equity purchases and loans to small and medium-sized enterprises. The yen (FXY -3.6%) continues a whopper of a move lower, the dollar now at a session-high ¥96.38. The currency-hedged Japan stock ETF (DXJ) gains 7.5% vs. the unhedged EWJ +3.8%. 4 Comments [Global & FX, On the Move]

JGBL PowerShares DB Japanese Government Bond Futures ETN

JGBL

PowerShares DB Japanese Government Bond Futures ETN