JGBs edge lower in early Tokyo trade amid a potentially quicker pace of BOJ rate increases, after the Summary of Opinions from its July 30-31 meeting released earlier.

In the summary, the central bank said: “Given that underlying CPI inflation has been approaching 2 percent and greater consideration should be given to upside risks to prices than before, it could be considered that the pace of policy interest rate hikes will be faster than market expectations, depending on developments in economic activity and prices as well as financial conditions.”

The two-year JGB yield is 1 bp higher at 1.615%; the 10-year yield is up 1 bp at 2.805%.