Firmer In Early Afternoon Trade

JGB futures tick away from session lows after the lunch break, last printing -25, while cash JGBs edge away from session cheaps and swap rates pull off session highs. We haven’t seen much in the way of fresh, meaningful catalysts for the move, unless we are experiencing some reaction to Japan’s plan to restrict exports of 23 types of semiconductor manufacturing equipment, as the country moves with some of its international allies in an apparent attempt to curb the technological might of China (which was outlined ahead of the Tokyo lunch break, although Japan played down the idea that it is targeting China).