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JGBS: Cash Bonds Richer But Trump Tariff Talk Has Seen Gains Pared

JGBS
BulletAPACFixed Income BulletsJapanMarkets

In Tokyo morning trade, JGB futures opened stronger, hitting +19 compared to settlement levels, in line with stronger US tsy futures (TYH5), which hit 109-02, +0-17 compared to closing levels. However, the move has been pared to +10 for JYH5 on Trump tariff news.

  • News just out that Trump suggests tariffs on Canada and Mexico could take effect on February 1 has caused a sharp reversal.
  • Cash US tsys were sharply richer early in today’s Asia-Pac session, with yields 6-9bps lower after yesterday’s holiday. However, that has been pared on the Trump news to 4-6bps richer.
  • Today’s local calendar is empty apart from 40-year supply.
  • Cash JGBs are 1-2bps richer across benchmarks. The benchmark 10-year yield is 1.5bps lower at 1.185% versus the cycle high of 1.262%.
  • Swap rates are slightly lower. Swap spreads are wider.
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In Tokyo morning trade, JGB futures opened stronger, hitting +19 compared to settlement levels, in line with stronger US tsy futures (TYH5), which hit 109-02, +0-17 compared to closing levels. However, the move has been pared to +10 for JYH5 on Trump tariff news.

  • News just out that Trump suggests tariffs on Canada and Mexico could take effect on February 1 has caused a sharp reversal.
  • Cash US tsys were sharply richer early in today’s Asia-Pac session, with yields 6-9bps lower after yesterday’s holiday. However, that has been pared on the Trump news to 4-6bps richer.
  • Today’s local calendar is empty apart from 40-year supply.
  • Cash JGBs are 1-2bps richer across benchmarks. The benchmark 10-year yield is 1.5bps lower at 1.185% versus the cycle high of 1.262%.
  • Swap rates are slightly lower. Swap spreads are wider.