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Firmer Backdrop Amid Softer Core Yields, BoJ Jan Mins Out Today

JGBS

JGB futures (JBM4) finished up at 145.54, +.13 on Friday. Positive spill over from US Tsys and generally softer core yields helped the move. We did finish off session highs though (145.65).

  • These moves keep us within broad ranges for JGB futures, as recall post JGB highs were at 145.79.
  • Early focus this morning has been on increased rhetoric around FX moves from currency chief Kanda. Still yen gains haven't extended beyond Friday levels.
  • On the data front today we have the final leading and coincident index readings for Jan. Also out is nationwide department store sales. These prints are unlikely to shift sentiment.
  • Prior to this we get the BoJ minutes from the Jan meeting, but this has obviously been superseded by the shift at last week's March meeting.
  • There is also the enhanced liquidity auction today in the 1-+5yr space.
  • In terms of JGB yields, the 2yr finished up at 0.204% on Friday, the 10yr just above 0.74%. The 10yr swap rate was just under 0.88%.
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