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Choppy Session, Corporate Wage Outcomes Crossing, 20Y Supply Tomorrow

JGBS

JGB futures are holding a downtick, -2 compared to the settlement levels, after a choppy Tokyo session.

  • Today, the local calendar has been empty.
  • However, several headlines have crossed today from a variety of Japanese companies and organizations outlining agreements made with unions on this year's wage demands. For the most part companies are stating that wage demands are being met in full. Headlines from industry heavyweight Toyota was one of the first to cross.
  • Local media reported yesterday that if wage gains are 'significantly' above last year's 3.8% it will prompt a BoJ exit from NIRP. Still, a shift in March from the BoJ is by no means a sell-side consensus viewpoint at this stage.
  • Cash US tsys are dealing ~1bp richer in today’s Asia-Pac session after yesterday’s 5-6bps cheapening following February’s US CPI print. Looking ahead, the main focus is on Thursday's Retail Sales and PPI data.
  • Cash JGBs are slightly mixed, with yield movements bounded by +/- 1bp. The benchmark 10-year yield is 0.2bp lower at 0.768% versus the yearly high of 0.779% set yesterday.
  • Swaps are slightly richer. Swap spreads are mixed.
  • Tomorrow, the local calendar sees weekly International Investment Flow data, along with 20-year supply.
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