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Back From Best Levels, Curve A Touch Flatter

JGBS

JGB futures were confined to the range established during the overnight session during the Tokyo morning, after blipping higher at the re-open, dealing -1 at the lunch break. Cash JGBs run little changed to 1bp richer on the day, with the curve a touch flatter.

  • Firmer than expected domestic data and modest upside surprises in the Chinese official PMI prints likely capped, and then pressured, the space during the Tokyo morning.
  • BoJ board member Nakagawa reaffirmed the Bank’s central stance in her latest address i.e. reaffirming the need for sustained monetary easing as the Bank looks to facilitate meaningful wage growth.
  • BoJ Rinban operations generated the following offer/cover ratios:
  • 3- to 5-Year: 2.84x (prev. 2.42x)
  • 5- to 10-Year: 1.86x (prev. 2.11x)
  • 10- to 25-Year: 5.32x (prev. 4.21x)
  • 25+-Year: 4.03x (prev. 3.61x)
  • This may result in some steepening pressure in early afternoon trade.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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