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JGBS: Cash Bonds Cheaper As Trading Resumes After Long Weekend

JGBS
BulletAPACFixed Income BulletsJapanMarkets

In Tokyo morning trade, JGB futures are weaker, -49 compared to settlement levels, as trading resumes following yesterday’s holiday.

  • According to MNI’s technicals team, a clear downtrend in JGB futures remains intact and the latest fresh cycle lows, reinforce this condition. Note too that moving average studies on the continuation chart are in a bear-mode setup, highlighting a clear downtrend. The move down exposes the 140.00 psychological handle next. For bulls, a reversal would open 142.73 and 144.48, the Dec 9 and Nov 11 high respectively.
  • Bank Lending Incl. Trusts rose 3.1% y/y in December, while the Adj. Current-Account Surplus printed 3.03trn yen vs. est. +2.58trn yen. Trade Surplus 97.9bn yen vs. est. -34.6bn yen.
  • Cash US tsys are ~1bp richer in today’s Asia-Pac session after yesterday’s modest sell-off. US PPI data will be released later today, ahead of CPI data tomorrow.
  • Cash JGBs are 3-5bps cheaper across benchmarks. The benchmark 5-year yield is 0.39bps higher at 0.868% ahead of today’s supply.
  • Swap rates are 1-3bps higher, with a steepening bias. Swap spreads are mixed.
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In Tokyo morning trade, JGB futures are weaker, -49 compared to settlement levels, as trading resumes following yesterday’s holiday.

  • According to MNI’s technicals team, a clear downtrend in JGB futures remains intact and the latest fresh cycle lows, reinforce this condition. Note too that moving average studies on the continuation chart are in a bear-mode setup, highlighting a clear downtrend. The move down exposes the 140.00 psychological handle next. For bulls, a reversal would open 142.73 and 144.48, the Dec 9 and Nov 11 high respectively.
  • Bank Lending Incl. Trusts rose 3.1% y/y in December, while the Adj. Current-Account Surplus printed 3.03trn yen vs. est. +2.58trn yen. Trade Surplus 97.9bn yen vs. est. -34.6bn yen.
  • Cash US tsys are ~1bp richer in today’s Asia-Pac session after yesterday’s modest sell-off. US PPI data will be released later today, ahead of CPI data tomorrow.
  • Cash JGBs are 3-5bps cheaper across benchmarks. The benchmark 5-year yield is 0.39bps higher at 0.868% ahead of today’s supply.
  • Swap rates are 1-3bps higher, with a steepening bias. Swap spreads are mixed.