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Curve Flattens

JGBS

The cash JGB curve sees some flattening during the early rounds of Tokyo trade, with the major benchmarks little changed to ~5bp richer. 30s outperform on the rally, with 7s outperforming surrounding lines (~3bp richer) on the overnight bid in futures (which are little changed vs. late overnight levels).

  • Notably, 10s are essentially unchanged on the day, operating just below the upper limit permitted under the BoJ’s YCC mechanism.
  • Offshore investors may be selling 10s on the wider rally, as they look to keep the pressure on the BoJ.
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The cash JGB curve sees some flattening during the early rounds of Tokyo trade, with the major benchmarks little changed to ~5bp richer. 30s outperform on the rally, with 7s outperforming surrounding lines (~3bp richer) on the overnight bid in futures (which are little changed vs. late overnight levels).

  • Notably, 10s are essentially unchanged on the day, operating just below the upper limit permitted under the BoJ’s YCC mechanism.
  • Offshore investors may be selling 10s on the wider rally, as they look to keep the pressure on the BoJ.