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Cash Bonds Dealing Mixed, Light Local Calendar

JGBS

At the Tokyo lunch break, JGB futures are higher, +10 compared to the settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag.
  • Cash US tsys are trading ~1bp richer in today’s Asia-Pac session ahead of US CPI data later today.
  • (Bloomberg) Japan’s bond yields may fall further as a monetary policy tightening in the country seems increasingly elusive. Markets have kept pushing back bets on an end to the Bank of Japan’s negative-rate policy. In September, overnight-indexed swaps signalled a March termination. The timing was deferred to April in November and further to July-September this week. (See link)
  • Cash JGBs are dealing mixed. The benchmark 10-year yield is 0.5bp higher at 0.591% after yesterday’s poor supply result.
  • The swap curve has bear-steepened, with rates flat to 2bps higher. Swap spreads are wider.
  • Today, the local calendar is relatively light. Tokyo Avg Office Vacancies are unchanged at 6.03% in Decemeber. Leading & Coincident Indices are due later.
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