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JGBS: 10Y Leads Cheapening As Trump Tariffs Weigh, BoJ SOO on Monday

JGBS
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JGB futures are weaker and near session cheaps, -27 compared to settlement levels, aligning with the push higher in global yields following Trump tariff headlines. In addition to the 25% tariffs on Canada & Mexico, Trump mentioned he will impose tariffs on BRICS if they look to replace the USD in international trade.

  • Cash US tsys are 2-3bps cheaper in today's Asia-Pac session.
  • Focus also turns to the Fed coming out of the media Blackout and next week's key CPI & PPI inflation metrics ahead of the headline Employment data for January on Friday.
  • Earlier, Tokyo Jan CPI was above estimates for the headline but in line with the core measures.  Dec jobless rate edged down to 2.4%, while the job-to-applicant ratio was unchanged at 1.25.
  • Dec IP (P) was better than forecast, up 0.3% m/m (0.2% est), while retail sales fell -0.7% m/m in Dec (-0.1% est).
  • Cash JGBs are flat to 2bps cheaper. The benchmark 10-year yield is 2.2bps higher at 1.239% versus the cycle high of 1.262%.
  • Swaps are cheaper, with rates 1-2bps higher.
  • Monday, the local calendar will see Jibun Bank PMI Mfg and BoJ Summary of Opinions for the January MPM alongside BoJ Rinban Operations for 1-5-year and 10-25-year JGBs.
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JGB futures are weaker and near session cheaps, -27 compared to settlement levels, aligning with the push higher in global yields following Trump tariff headlines. In addition to the 25% tariffs on Canada & Mexico, Trump mentioned he will impose tariffs on BRICS if they look to replace the USD in international trade.

  • Cash US tsys are 2-3bps cheaper in today's Asia-Pac session.
  • Focus also turns to the Fed coming out of the media Blackout and next week's key CPI & PPI inflation metrics ahead of the headline Employment data for January on Friday.
  • Earlier, Tokyo Jan CPI was above estimates for the headline but in line with the core measures.  Dec jobless rate edged down to 2.4%, while the job-to-applicant ratio was unchanged at 1.25.
  • Dec IP (P) was better than forecast, up 0.3% m/m (0.2% est), while retail sales fell -0.7% m/m in Dec (-0.1% est).
  • Cash JGBs are flat to 2bps cheaper. The benchmark 10-year yield is 2.2bps higher at 1.239% versus the cycle high of 1.262%.
  • Swaps are cheaper, with rates 1-2bps higher.
  • Monday, the local calendar will see Jibun Bank PMI Mfg and BoJ Summary of Opinions for the January MPM alongside BoJ Rinban Operations for 1-5-year and 10-25-year JGBs.