May 21, 2024 02:49 GMT
Cash 10YY Hits Highest Level Since 2013
JGBS
JGB futures are mildly weaker, -3 compared to the settlement levels, at the Tokyo lunch break.
- There hasn’t been much in the way of domestic drivers to flag. April Tokyo condominiums for sale are on tap later.
- After yesterday’s modest sell-off, US tsys are little changed in today’s Asia-Pac session. The US data calendar is light until mid-week. The focus is on the minutes from the May 1 FOMC on Wednesday.
- (Bloomberg) The Bank of Japan is likely to have a summary of its past monetary policy review ready as soon as its June meeting, SMBC Nikko Securities strategists Miki Den and Kaoru Shoji write in a report. (See link)
- Cash JGBs are slightly mixed, with yield movements bounded by +/- 0.7bp. The benchmark 10-year yield is 0.2bp higher at 0.983% after reaching 0.984% earlier, its highest level since 2013, on speculation of further BoJ rate hikes and reduced debt-purchase amounts at operations.
- Swaps are little changed. Swap spreads are mixed.
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