Flat To A Touch Firmer

JGBs are little changed across most of the curve, with an incremental richening bias observed if anything, as the major benchmarks run little changed to 1bp richer, with 7s leading the bid. Futures have now moved into positive territory, reversing overnight losses, perhaps aided by the presence of today’s 1- to 10-Year JGB Rinban operations, last printing +4.

• Local data has seen slightly firmer than expected wage data, while household spending missed expectations.
• Elsewhere, the summary of opinions covering the latest BoJ meeting provided little in the way of meaningful takeaways, with one member highlighting the need to focus on the functioning