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JGBS: Cash Bonds Little Changed, Light Local Calendar

JGBS
BulletAPACFixed Income BulletsJapanMarkets

In Tokyo morning trade, JGB futures are stronger, +11 compared to settlement levels, but well below overnight closing levels. 

  • The highlight of last week's offshore investment flows for Japan, was a surge in purchases of offshore bonds. The ¥1753bn in net purchases was the largest weekly flow since mid-September last year. This marks the fourth out of the last five weeks that we have seen positive flows from Japanese investors to offshore bonds. This fits with an improved global bond return backdrop, as US yields have stabilised, although such returns remain below 2024 highs.
  • In terms of offshore investor inflows into Japan, aggregate moves were moderate last week, but we saw net selling of local bonds. This ended a run of three straight weeks of inflows.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s solid rally which took yields back to pre-CPI levels from Wednesday. Details of January's PPI offered some hope for easing price pressures in the Federal Reserve's preferred inflation measure, the PCE Deflator
  • Cash JGBs are little changed across benchmarks. The benchmark 10-year yield is 0.6bp lower at 1.348% versus the cycle high of 1.377% set yesterday. 5-year supply is due today.
  • Swap rates are 1-2bps higher. Swap spreads are wider.
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In Tokyo morning trade, JGB futures are stronger, +11 compared to settlement levels, but well below overnight closing levels. 

  • The highlight of last week's offshore investment flows for Japan, was a surge in purchases of offshore bonds. The ¥1753bn in net purchases was the largest weekly flow since mid-September last year. This marks the fourth out of the last five weeks that we have seen positive flows from Japanese investors to offshore bonds. This fits with an improved global bond return backdrop, as US yields have stabilised, although such returns remain below 2024 highs.
  • In terms of offshore investor inflows into Japan, aggregate moves were moderate last week, but we saw net selling of local bonds. This ended a run of three straight weeks of inflows.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s solid rally which took yields back to pre-CPI levels from Wednesday. Details of January's PPI offered some hope for easing price pressures in the Federal Reserve's preferred inflation measure, the PCE Deflator
  • Cash JGBs are little changed across benchmarks. The benchmark 10-year yield is 0.6bp lower at 1.348% versus the cycle high of 1.377% set yesterday. 5-year supply is due today.
  • Swap rates are 1-2bps higher. Swap spreads are wider.