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Downside Bias, But Held Above 144.00, BoJ Bond Buying Ops Today

JGBS

JGB futures (JBM4) finished the post Tokyo close period on Friday on the softer side. We ended at 144.18, -.08. Lows from last week near 144.00 remain intact though. Upside focus will rest with 144.88 (Tuesday highs).

  • For futures, we remain above recent lows of 143.61 from late April. Global fixed income trends were softer through the tail end of last week. US yields rose post the rise in consumer inflation expectations on Friday.
  • On the data front today we have April money stock figures, which shouldn't move market sentiment.
  • BoJ buying ops could be in focus through with 1-25yr purchases on tap. This will be an on-going focus point given a likely reduction in BoJ bond purchases at some stage this year.
  • To recap, cash JGB 10yr yields ended Friday just above 0.91%. The 30yr around 1.995%. 10yr swaps were just under 0.99%.
  • Note tomorrow we have a 5yr debt auction and then 20yr later in the week.
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