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JGBS: Cash Bonds Little Changed After A Heavy Local Data Drop

JGBS
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In Tokyo morning trade, JGB futures are stronger, +8 compared to settlement levels.

  • Bank of Japan board members discussed the timing of an interest rate hike at last week’s meeting with views mixed before they agreed to leave policy unchanged for now amid high uncertainties over the US economy, a summary of opinions from the December policy meeting shows.
  • “The Bank will likely decide to raise the policy interest rate in the near future, but at this point, the bank must be patient and monitor the uncertainties over the US economy until those uncertainties subside,” one board member said.  (per BBG)
  • Japan's economy is gathering strength but momentum remains uneven, with indicators showing healthy growth in inflation and retail sales but a decline in industrial production. (see DJ link)
  • Cash US tsys are little changed in today’s Asia-Pac session.
  • Cash JGBs are slightly mixed across benchmarks, with yield swings bounded by +/- 1.5bps. The benchmark 10-year yield is unchanged at 1.097% versus the cycle high of 1.113%.
  • The swaps curve has twist-steepened, pivoting at the 20-year zone, with rates 1.5bps lower to 3bps higher.
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In Tokyo morning trade, JGB futures are stronger, +8 compared to settlement levels.

  • Bank of Japan board members discussed the timing of an interest rate hike at last week’s meeting with views mixed before they agreed to leave policy unchanged for now amid high uncertainties over the US economy, a summary of opinions from the December policy meeting shows.
  • “The Bank will likely decide to raise the policy interest rate in the near future, but at this point, the bank must be patient and monitor the uncertainties over the US economy until those uncertainties subside,” one board member said.  (per BBG)
  • Japan's economy is gathering strength but momentum remains uneven, with indicators showing healthy growth in inflation and retail sales but a decline in industrial production. (see DJ link)
  • Cash US tsys are little changed in today’s Asia-Pac session.
  • Cash JGBs are slightly mixed across benchmarks, with yield swings bounded by +/- 1.5bps. The benchmark 10-year yield is unchanged at 1.097% versus the cycle high of 1.113%.
  • The swaps curve has twist-steepened, pivoting at the 20-year zone, with rates 1.5bps lower to 3bps higher.