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(H2) Stabilising


Bias Still Points Lower


Fading Onto Recent Gains


Tsy/Eurodollar Roundup


Remains Above Support

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The broader weakness in core fixed income markets weighed on JGBs during the morning session, leaving futures 11 ticks lower at the bell. Meanwhile, the major cash JGB benchmarks ran flat to 1bp cheaper across the curve, with 10s leading the weakness. A quick reminder that Q3 capex data was a touch softer than expected, but that had no notable impact on the market. Elsewhere, BoJ board member Adachi flagged personal opinion re: economic benefits of a weaker JPY, in the context of the recent moves in the currency, while noting that the central bank does not target specific FX levels. Adachi also reaffirmed the well-known core tenants of BoJ policy i.e. willing to ease more if required, while noting that risks re: inflation are seemingly to the upside.