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Bull-Flattener, National CPI & 5Y Climate Transition Bond Supply Tomorrow

JGBS

JGB futures are higher and at session highs, +23 compared to settlement levels, after being closed on Friday.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined PPI Services data.
  • (Dow Jones) Japan's weak growth trajectory prompts UBS to tweak its view on the central bank's policy path. UBS still expects the BoJ to end its easy policy framework--which includes negative interest rates--in April but no longer sees a July policy rate hike, chief Japan economist Masamichi Adachi says. (See link)
  • The cash JGB curve has bull-flattened, with yields flat to 3bps lower. The benchmark 10-year yield is 2bps lower at 0.700% versus the Nov-Dec rally low of 0.555%.
  • The swaps curve has also bull-flattened, with rates flat to 3bps lower. Swap spreads are generally tighter.
  • National CPI data for January is due tomorrow, along with the MoF sales of 5-Year Climate Transition Bonds.
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