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Downside Curbed By Firmer US Futures, Back End Yields Up +2bps

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JGB futures sit a touch lower, last at 143.90, -.17 for JBM4. Earlier lows rested at 143.84. Limiting the downside may be a slightly positive bias to US Tsy futures since the open.

  • Still, cash JGB yields are firmer across nearly all benchmarks, led by the backend. The 10yr is up nearly 2bps, last at 0.965%. The 20-40yr tenors are all up by more than 2bps. The 30yr yield is above 2.08%, fresh highs back to 2011.
  • We have the 10yr linker auction coming up later, along with the tertiary activity index. Otherwise the calendar is light.
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JGB futures sit a touch lower, last at 143.90, -.17 for JBM4. Earlier lows rested at 143.84. Limiting the downside may be a slightly positive bias to US Tsy futures since the open.

  • Still, cash JGB yields are firmer across nearly all benchmarks, led by the backend. The 10yr is up nearly 2bps, last at 0.965%. The 20-40yr tenors are all up by more than 2bps. The 30yr yield is above 2.08%, fresh highs back to 2011.
  • We have the 10yr linker auction coming up later, along with the tertiary activity index. Otherwise the calendar is light.