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Fresh Cycle High For 10YY, 10Y Climate Transition Bond Supply Tomorrow

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JGB futures are weaker and near session lows, -8 compared to the settlement levels after comments from BoJ Governor Ueda and Deputy Governor Uchida at the BoJ-IMES Conference.

  • Ueda said the central bank will move cautiously to anchor inflation expectations at 2%, adding that some challenges are uniquely difficult for the BoJ (eg) assessing natural interest rates, given the prolonged period of near-zero short-term interest rates over the past three decades.
  • Meanwhile, Uchida said the end of the battle with deflation is in sight, while the big challenge ahead is anchoring of inflation expectations at 2%. He added that Japan could resolve the original causes of deflation as labour market conditions have changed structurally and irreversibly.
  • Leading & Coincident Indices are due later.
  • The US market is closed for the Memorial Day holiday today.
  • Cash JGBs are little changed, apart from the benchmark 10-year yield which is 1.8bp higher at 1.023%, a new cycle high.
  • Swaps rates are little changed out to the 10-year and 1-4bps higher beyond, with the 20-year leading. Swap spreads are mixed.
  • Tomorrow, the local calendar will see PPI Services data alongside 10-Year Climate Transition Bond Supply.
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JGB futures are weaker and near session lows, -8 compared to the settlement levels after comments from BoJ Governor Ueda and Deputy Governor Uchida at the BoJ-IMES Conference.

  • Ueda said the central bank will move cautiously to anchor inflation expectations at 2%, adding that some challenges are uniquely difficult for the BoJ (eg) assessing natural interest rates, given the prolonged period of near-zero short-term interest rates over the past three decades.
  • Meanwhile, Uchida said the end of the battle with deflation is in sight, while the big challenge ahead is anchoring of inflation expectations at 2%. He added that Japan could resolve the original causes of deflation as labour market conditions have changed structurally and irreversibly.
  • Leading & Coincident Indices are due later.
  • The US market is closed for the Memorial Day holiday today.
  • Cash JGBs are little changed, apart from the benchmark 10-year yield which is 1.8bp higher at 1.023%, a new cycle high.
  • Swaps rates are little changed out to the 10-year and 1-4bps higher beyond, with the 20-year leading. Swap spreads are mixed.
  • Tomorrow, the local calendar will see PPI Services data alongside 10-Year Climate Transition Bond Supply.