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Cash Bond Bear-Steepener

JGBS

At the Tokyo lunch break, JGB futures are weaker and near session cheaps, -23 compared to settlement levels.

  • (MNI) The year-on-year rise of Japan's annual core consumer inflation rate accelerated to 2.5% in May from April’s 2.2% due to the increase in energy. May’s index stayed above the Bank of Japan’s 2% target for the 26th consecutive month. The underlying inflation rate measured by the core-core CPI (excluding fresh food and energy) rose 2.1% y/y in May, slowing from April’s 2.4% and for the first acceleration in nine months. Services prices, a key BoJ focus, rose 1.6% y/y in May, slowing from 1.7% in April.
  • Jibun Bank Flash PMIs for June have printed weaker across the board: Mfg falls to 50.1 from 50.4 in May; Services falls to 49.8 from 53.8 in May; and falls to 50 from 52.6 in May.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after yesterday’s modest sell-off.
  • The cash JGB curve has bear-steepened, with yields flat to 3bps higher. The benchmark 10-year yield is 2.4bps higher at 0.981% versus the cycle high of 1.101%.
  • Swaps are modestly cheaper across the curve, with rates ~1bp higher. Swap spreads are mostly tighter.
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