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Bear-Steepener Ahead Of BoJ Adachi’s Speech

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In Tokyo morning trade, JGB futures have extended overnight weakness, -26 compared to settlement levels, ahead of a speech from BoJ Board member Adachi in Kumamoto at 10:30 am local time.

  • Consumer Confidence for May is out later.
  • Cash US tsys are dealing little changed in today’s Asia-Pac session after yesterday’s bear-steepening.
  • The cash JGB curve has bear-steepened, with yields 1-3bps higher. The benchmark 10-year yield is 3.3bps higher at 1.063% a fresh cycle high.
  • The swaps curve has also bear-steepened, with rates 1-4bps higher. Swap spreads are mixed.
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In Tokyo morning trade, JGB futures have extended overnight weakness, -26 compared to settlement levels, ahead of a speech from BoJ Board member Adachi in Kumamoto at 10:30 am local time.

  • Consumer Confidence for May is out later.
  • Cash US tsys are dealing little changed in today’s Asia-Pac session after yesterday’s bear-steepening.
  • The cash JGB curve has bear-steepened, with yields 1-3bps higher. The benchmark 10-year yield is 3.3bps higher at 1.063% a fresh cycle high.
  • The swaps curve has also bear-steepened, with rates 1-4bps higher. Swap spreads are mixed.