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Cheaper Ahead Of FOMC Decision Later Today, BoJ March Minutes Tomorrow

JGBS

JGB futures are holding weaker in the Tokyo afternoon session, -24 compared to the settlement levels, after dealing in a relatively narrow range ahead of the FOMC Policy Decision later today.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Jibun Bank PMI Mfg.
  • Cash US tsys are dealing little changed in the Asia-Pac session after yesterday's heavy session.
  • Cash JGBs are mostly cheaper, with yields flat to 3bps higher. The benchmark 10-year yield is 1.3bps higher at 0.892% versus the YTD high of 0.930%.
  • The swaps curve continues to twist-steepen, pivoting at the 20s, with rates -2bps to +3bps. Swap spreads are tighter out to the 10-year and wider beyond.
  • Tomorrow sees the BoJ Minutes of the March Meeting alongside Monetary Base and Consumer Confidence data.
  • The MoF will also conduct a Liquidity Enhancement Auction for 1-5-year OTR JGBs.
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