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10yr Yield Threatening Break Sub 200-day MA

JGBS

JGB futures (JBH4) probed higher in the first part of Wednesday dealing but couldn't break above Tuesday session highs. We were last at 146.81, +.62, against earlier highs of 146.88.

  • The cash JGB 10yr yield has made fresh multi month lows sub 0.60% (last near 0.58%). This is -5bps weaker for the session. We aren't too far away from the simple 200-day MA for the 10yr yield (0.574%).
  • The 7yr yield is near 0.35%, off by the same amount in yield terms. Yield losses are more modest at the front end of the curve. The 10yr swap is down around 2bps to 0.775%.
  • On the data front, the Nov trade figures were slightly weaker than expected. Exports fell -0.2% y/y (versus 1.4% forecast). Imports fell -11.9% y/y (-8.6% forecast).
  • Still to come later is the liquidity enhancement auction.
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