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Another Cycle High For The 10yr JGB Yield, BoJ Speak On Tap Tomorrow.

JGBS

JGBs fell post the lunchtime break, getting to fresh cycle lows of 143.38. We sit slightly higher now, last at 143.43, -.09 versus settlement levels.

  • The 10yr climate bond auction saw a yield slightly higher than the BBG surveyed outcome (1.04%, versus 1.035%), which may have applied some downside pressure post the lunch time break.
  • 143.44 is the bear trigger for JGB futures per the MNI technical team. A convincing break sub this level could see 141.65, a Fibonacci projection, targeted.
  • In the cash JGB space, we ticked up in terms of the back end of the yield curve. The 10yr holds close to 1.04%, the 30% yr is above 2.19%. The 10yr swap rate is nearing 1.07%.
  • News flows has been fairly light, with FinMin Suzuki crossing the wires earlier, with comments on FX and wage growth outpacing inflation the major focus points. Earlier we had stronger than forecast PPI services data for April.
  • Tomorrow, we just have the May consumer confidence index on tap. Also note BoJ Board member Kumamoto speaks in the morning.
  • The latest from our MNI policy team on the BOJ can be found at this link.
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