2-Way Start For Futures

JGB futures seem to be leaning on moves in U.S. TY futures, recovering from early Tokyo lows after briefly showing in negative territory as the firmer than expected domestic super-core CPI data applied some pressure. JGB futures last sit +10, a little shy of bests. Cash JGBs run 3bp richer to 1bp cheaper, with 10s outperforming, showing back below 0.30%, while 40s present the only point on the curve that is trading softer on the day for a second consecutive session. Flash PMI data from Jibun Bank failed to move the needle, with the manufacturing reading remaining in contractionary territory, while the services print continued to operate in expansionary territory.