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Cash Bonds Cheaper With BoJ Governor Ueda In Parliament

JGBS

At the Tokyo lunch break, JGB futures are holding weaker, -23 compared to the settlement levels.

  • Outside of the previously outlined National CPI, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session, ahead of Fed Chair Powell’s address at the Jackson Hole Symposium later today.
  • BoJ Governor Ueda has been responding to questions from lawmakers in the lower house of parliament this morning. This will be followed by another session in the upper house beginning at 1300 JT. Each session is set to last two and a half hours.
  • (Bloomberg) The Bank of Japan is still on a path toward higher interest rates provided inflation and economic data continue in line with its forecasts, Governor Kazuo Ueda said in his first public remarks following a global market rout. (See link)
  • The cash JGB curve has shifted cheaper, with yields 1-2bps higher. The benchmark 10-year yield is 1.8bps higher at 0.894% versus the cycle high of 1.108%.
  • Swap rates are mostly higher, with the 20-40-year zone leading. Swap spreads are tighter apart from the 20-40-year zone.
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