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JGBS

Futures Softer Overnight

JPY

Tweaks To Emergency Declaration Mulled

JGB TECHS

(U1) Tilted Higher

KOREA RATES
KOREA RATES: 10 year futures are up 38 ticks in line with the global rally in
bonds and receiving a boost from yesterday's comments by Finance Minister Hong
Nam-ki that he expects weak employment data in January due mainly to a high base
effect amid an economic slowdown. The 10 year bond looks to have triggered a
bull flag formation with the upside target coming in at the Dec highs around
128. 
- The swap curve is 0.75-3.75bps lower on the day amid renewed bull flattening
with the 2s-10s spread now back to zero. 
- The 1.4% drop in the Kospi amid renewed global trade fears is weighing on rate
markets while breakevens have been little changed in recent sessions. 
- Next week's unemployment data will be eagerly awaited given the recent
comments by the finance minister and the importance of the labour market on the
BOK's policy stance.