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Cash Firmer & Flatter Post-U.S. CPI, Futures Away From Overnight High

JGBS

The super-long end of the JGB curve leads the early Tokyo bid, with the major benchmarks running flat to 7bp richer, although 10s lag vs. surrounding lines owing to the distortions provided by the BoJ’s YCC settings, which have limited losses in that benchmark during recent rounds of cheapening.

  • The 5-/30-Year yield spread now operates ~20bp off of the cycle high and ~12bp off this week’s steeps.
  • Meanwhile, futures have backed away from their overnight peak to last trade +41.
  • Local headline flow has seen familiar tones re: FX from top currency diplomat Kanda and Finance Minister Suzuki, while the latter also pointed to no firm decisions being made re: sources of funding for the country’s defence budget.
  • Elsehwere, PPI data was firmer than expected in Y/Y terms, but provided a modest downside surprise M/M. The prior month’s readings were revised higher.
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The super-long end of the JGB curve leads the early Tokyo bid, with the major benchmarks running flat to 7bp richer, although 10s lag vs. surrounding lines owing to the distortions provided by the BoJ’s YCC settings, which have limited losses in that benchmark during recent rounds of cheapening.

  • The 5-/30-Year yield spread now operates ~20bp off of the cycle high and ~12bp off this week’s steeps.
  • Meanwhile, futures have backed away from their overnight peak to last trade +41.
  • Local headline flow has seen familiar tones re: FX from top currency diplomat Kanda and Finance Minister Suzuki, while the latter also pointed to no firm decisions being made re: sources of funding for the country’s defence budget.
  • Elsehwere, PPI data was firmer than expected in Y/Y terms, but provided a modest downside surprise M/M. The prior month’s readings were revised higher.