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Bull-Flattening, 2YY Went 0% For First Time Since July

JGBS

In Tokyo morning trade, JGB futures are holding richer, +27 compared to settlement levels.

  • Today, the local calendar is light with Money Stock M2 & M3 and Machine Tool Orders data as the highlights. M2 & M3 stock rose 2.3% y/y and 1.7% y/y in Dec. The BoJ has also conducted Rinban Operations covering 1-3-year and 5-25-year JGBs. Results are due later.
  • The cash JGB curve has bull-flattened, with yields 1-3bps lower. The benchmark 10-year yield is 3.4bps lower at 0.574%. 5-year supply is due tomorrow.
  • The 2-year JGB yield fell below 0% for the first time since July driven by the view that the BoJ is unlikely to tweak its monetary policy at a meeting next week following a powerful earthquake on Jan. 1.
  • Swap rates are slightly lower across maturities, with swap spreads wider.
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