STIR: BoJ Dated OIS Slightly Firmer After BoJ Rate Hike
Jan-24 05:28
BoJ-dated OIS pricing is flat to 3bps firmer across meetings compared to pre-MPM levels after the BoJ delivered the anticipated 25bp rate hike to 0.50% with a vote of 8-1. Board member Nakamura voted against the rate hike.
- Market expectations going into today's MPM indicated a 98% probability of a 25bp hike today, a cumulative 99% chance by March, and a more than full 25bp increase by May 2025 (108%).
- As it currently stands, March has a 2% chance of another 25bp hike. A 25bp increase is not fully priced until December.
Figure 1: BoJ-Dated OIS – Post-BoJ Vs. Pre-BoJ MPM (January)
Source: MNI – Market News / Bloomberg
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