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JGBS: Bull-Flattener, BoJ Ueda In Parliament

JGBS
BulletAPACFixed Income BulletsJapanMarkets

JGM5 futures are stronger and near session highs, +16 compared to settlement levels.

  • According to MNI’s technicals team, JGBs have traded lower breaching recent key support at 138.71, the Feb 21 low. This confirms a resumption of the bear leg and note too that MA studies are in a bear-mode set-up, highlighting a downtrend. Sights are on 136.57, a Fibonacci projection. For bulls, a show through 140.33 resistance would signal a possible reversal, and open early December highs should the pace be maintained. 144.48 is the medium-term target on any recovery.
  • BoJ's Ueda is currently in Parliament fielding questions. So far, he has stated that food prices are contributing to rising inflation. In response to another question, he stated that it would take time to mull the right size of balance sheet.
  • 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 1-5bps richer beyond. The benchmark 20-year yield is 4.6bps lower at 2.221% after yesterday’s supply.
  • Swap rates are flat to 1bp lower, with a flattening bias. Swap spreads are mixed.
  • Tomorrow, the local calendar will be empty apart from Auction for Enhanced-Liquidity 1-5 years.
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JGM5 futures are stronger and near session highs, +16 compared to settlement levels.

  • According to MNI’s technicals team, JGBs have traded lower breaching recent key support at 138.71, the Feb 21 low. This confirms a resumption of the bear leg and note too that MA studies are in a bear-mode set-up, highlighting a downtrend. Sights are on 136.57, a Fibonacci projection. For bulls, a show through 140.33 resistance would signal a possible reversal, and open early December highs should the pace be maintained. 144.48 is the medium-term target on any recovery.
  • BoJ's Ueda is currently in Parliament fielding questions. So far, he has stated that food prices are contributing to rising inflation. In response to another question, he stated that it would take time to mull the right size of balance sheet.
  • 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 1-5bps richer beyond. The benchmark 20-year yield is 4.6bps lower at 2.221% after yesterday’s supply.
  • Swap rates are flat to 1bp lower, with a flattening bias. Swap spreads are mixed.
  • Tomorrow, the local calendar will be empty apart from Auction for Enhanced-Liquidity 1-5 years.