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A Little Steeper On The Day

JGBS

The JGB curve runs steeper on the day, while futures have recovered from their overnight lows to last print -7. There has been little to really move the market, at least meaningfully, with the previously outlined BoJ (no fresh policy moves seen in the immediate future, per BBG sources), COVID (potential state of emergency/COVID restriction extensions) and political (a no-confidence motion in PM Suga's cabinet which is destined to fail) headlines offering little new on net.

  • The latest liquidity enhancement auction for off-the-run JGBs with 15.5- to 39-Years until maturity was on the softer side, in terms of both cover ratio and spread dynamics.
  • The monthly trade balance reading and core machine orders print headline the local economic docket on Wednesday. Those releases will be supplemented by the latest round of BoJ Rinban operations, which will cover 1- to 10-Year paper.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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