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Bullish Impetus In Futures Pauses

JGBS

The upward momentum evident in futures on Monday and Tuesday (that some have linked to CTA driven short covering flows, as flagged earlier) waned during the Tokyo morning, with the contract hitting the break -5, while the JGB cash curve twist flattened. Swaps exhibited a modest bear steepening pattern, with swap spreads widening across most of the curve.

  • BoJ's Kataoka, a prominent dovish dissenter, deployed his usual narrative, suggesting the BoJ should lower short- and long-term rates by actively purchasing JGBs.
  • Elsewhere, speculation re: the potential extension of the Tokyo area's COVID state of emergency continues to do the rounds, while some have suggested that an announcement could be made as soon as tomorrow.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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