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The cheapening in the U.S. Tsy space applied some pressure to JGB futures in post-Tokyo dealing, with the contract shedding 10 ticks vs. Tokyo settlement levels come the close of overnight trade.
- After hours on Thursday our policy team flagged their understanding that "the Bank of Japan will be careful not to unnerve markets when it attempts to scale back emergency pandemic measures to support corporate financing and liquidity after the government eases Covid restrictions as early as the fourth quarter this year." This will present no surprise to market participants and BoJ watchers.
- Elsewhere, the Japanese government lowered its economic assessment for the first time since May, with the monthly report from the Cabinet Office pointing to a deterioration in private consumption and industrial production as the feedthrough from COVID-19 headwinds accelerates.
- A reminder that Japan will observe a market holiday on Monday and Friday of next week. The former, coupled with the lack of calendar risk events may limit participation ahead of the elongated weekend.