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JGBS: Bull-Flattener At Lunch, BoJ Gov. Ueda Due In Parliament

JGBS
BulletAPACFixed Income BulletsJapanMarkets

At the Tokyo lunch break, JGM5 futures are stronger and near session highs, +16 compared to settlement levels.

  • BoJ's Ueda is set to appear in Parliament at 12:10 PM JT.
  • In the bond space, offshore investors added further to their local debt holdings. This marked the fourth straight week of inflows into this space. JGB yields continue to track higher, but may also be attracting some safe haven related flows given global/US growth concerns. In terms of Japan outflows, we saw net selling of offshore bonds, but this only partially reversed the prior week's purchases.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s modest sell-off.
  • Cash JGBs are little changed across benchmarks out to the 5-year but 1-4bps richer beyond. The benchmark 10-year yield is 1.3bps lower at 1.511% versus the cycle high of 1.58%.
  • Swap rates are flat to 1bp lower, with a flattening bias. Swap spreads are mixed.
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At the Tokyo lunch break, JGM5 futures are stronger and near session highs, +16 compared to settlement levels.

  • BoJ's Ueda is set to appear in Parliament at 12:10 PM JT.
  • In the bond space, offshore investors added further to their local debt holdings. This marked the fourth straight week of inflows into this space. JGB yields continue to track higher, but may also be attracting some safe haven related flows given global/US growth concerns. In terms of Japan outflows, we saw net selling of offshore bonds, but this only partially reversed the prior week's purchases.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s modest sell-off.
  • Cash JGBs are little changed across benchmarks out to the 5-year but 1-4bps richer beyond. The benchmark 10-year yield is 1.3bps lower at 1.511% versus the cycle high of 1.58%.
  • Swap rates are flat to 1bp lower, with a flattening bias. Swap spreads are mixed.