A Touch Firmer, Aided By Global Uptick & Presence Of Rinban

JGB futures have pared the modest losses seen overnight to sit -1 on the day, with an uptick in core global FI markets and the presence of the previously outlined BoJ Rinban operations helping to generate a light bid. The major cash JGB metrics sit flat to ~1.5bp richer, with a mild flattening bias apparent, while 10-Year yields operate around the upper boundary permitted under the BoJ’s current YCC settings. There hasn’t been much in the way of meaningful domestic headline flow to digest, with PM Kishida recently outlining the positive characteristics he identified in his nominee for BoJ Governor, Ueda.