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JGBS: Cash Bonds Mostly Richer, BoJ SoO Signals More Hikes

JGBS
BulletAPACFixed Income BulletsJapanMarkets

In Tokyo morning trade, JGB futures have strengthened, +29 compared to settlement levels, after finishing Friday’s overnight session slightly weaker.

  • “BoJ policymakers discussed the likelihood of raising interest rates further with some warning of upside inflation risks and the damage a weak yen could inflict on the economy, a summary of opinions at their January meeting showed on Monday.” (per RTRS)
  • "The debate highlights an increasing chance the central bank will continue to push up borrowing costs in several stages, even after hiking short-term interest rates to 0.5% at the Jan. 23-24 meeting - the highest for Japan in 17 years."
  • In today’s Asia-Pacific session, cash US tsys have twist-flattened, with yields ranging from 5bps higher to 2bps lower after the weekend’s tariff news. This week’s focus will be on a heavy slate of corporate earnings, key CPI and PPI inflation data, and January’s headline employment report.
  • Cash JGBs are mixed across benchmarks, with yields 2bps lower to 1bp higher. The benchmark 10-year yield is 1.4bps lower at 1.231% versus the cycle high of 1.262%.
  • Swap rates are 1-2bps lower. Swap spreads are slightly mixed.
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In Tokyo morning trade, JGB futures have strengthened, +29 compared to settlement levels, after finishing Friday’s overnight session slightly weaker.

  • “BoJ policymakers discussed the likelihood of raising interest rates further with some warning of upside inflation risks and the damage a weak yen could inflict on the economy, a summary of opinions at their January meeting showed on Monday.” (per RTRS)
  • "The debate highlights an increasing chance the central bank will continue to push up borrowing costs in several stages, even after hiking short-term interest rates to 0.5% at the Jan. 23-24 meeting - the highest for Japan in 17 years."
  • In today’s Asia-Pacific session, cash US tsys have twist-flattened, with yields ranging from 5bps higher to 2bps lower after the weekend’s tariff news. This week’s focus will be on a heavy slate of corporate earnings, key CPI and PPI inflation data, and January’s headline employment report.
  • Cash JGBs are mixed across benchmarks, with yields 2bps lower to 1bp higher. The benchmark 10-year yield is 1.4bps lower at 1.231% versus the cycle high of 1.262%.
  • Swap rates are 1-2bps lower. Swap spreads are slightly mixed.