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JGBS: Cheaper But Off Worst Levels Ahead Of US PPI, Q4 GDP On Monday

JGBS
BulletAPACFixed Income BulletsJapanMarkets

JGB futures are weaker, -16 compared to settlement levels, but well off the session’s worst level.

  • Outside of the previously outlined PPI, there hasn't been much by way of domestic drivers to flag.
  • Japan's Prime Minister Shigeru Ishiba stated in parliament that the economy is progressing toward wage-driven inflation and emphasized the importance of stable US-China relations for global stability.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s aggressive post-CPI sell-off. Fed chair Powell cautioned against getting "excited" about yesterday's CPI report ahead of PPI (today 0830 ET), reminding that the latter report carries potentially different implications for the Fed's preferred PCE gauge.
  • Cash JGBs are 1bp lower to 2bps cheaper across benchmarks, with the 7-10-year zone underperforming. The benchmark 10-year yield is 1.4bps at 1.357% after setting a fresh cycle high of 1.377%.
  • Swap rates are flat to 2bps lower, with a steepening bias. Swap spreads are tighter.
  • Tomorrow, the local calendar will see Weekly International Investment Flow data alongside 5-year supply. Q4 GDP (P) is due on Monday.
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JGB futures are weaker, -16 compared to settlement levels, but well off the session’s worst level.

  • Outside of the previously outlined PPI, there hasn't been much by way of domestic drivers to flag.
  • Japan's Prime Minister Shigeru Ishiba stated in parliament that the economy is progressing toward wage-driven inflation and emphasized the importance of stable US-China relations for global stability.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s aggressive post-CPI sell-off. Fed chair Powell cautioned against getting "excited" about yesterday's CPI report ahead of PPI (today 0830 ET), reminding that the latter report carries potentially different implications for the Fed's preferred PCE gauge.
  • Cash JGBs are 1bp lower to 2bps cheaper across benchmarks, with the 7-10-year zone underperforming. The benchmark 10-year yield is 1.4bps at 1.357% after setting a fresh cycle high of 1.377%.
  • Swap rates are flat to 2bps lower, with a steepening bias. Swap spreads are tighter.
  • Tomorrow, the local calendar will see Weekly International Investment Flow data alongside 5-year supply. Q4 GDP (P) is due on Monday.