Rumours of a shift away from Bank of Japan’s (BoJ) 0% target yield policy triggered a sell-off and curve steepening in Japan, which had a ripple effect on other markets. J. Safra Sarasin continues to advise investors to use 2s5s or 2s5s steepening positions, but it suggests reducing risk in such positions or overlaying the steepener with a slight long…
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