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Futures A Touch Cheaper O'night, PMIs & Liquidity Enhancement Auction Due

JGBS

JGB futures ultimately shed 6 ticks overnight after a bit of a rally in early post-Tokyo trade, with the weakness in wider core global FI markets (fleshed out earlier) coming to the fore.

  • COVID matters have dominated domestic headline flow, with suggestions in the local press that Japan is mulling the end of COVID testing for international arrivals and limiting reporting of COVID cases to high-risk cases.
  • On the fiscal side, Yomiuri sources have flagged that the MoF is looking to secure Y27tn of capital to service the nation’s debt during FY23, which would represent an ~11% increase vs. levels observed in the initial budget for FY22. Pandemic-related support and social security costs were identified as the two key drivers for the uptick in debt servicing requirements.
  • Flash PMI data and the latest liquidity enhancement auction covering off-the-run 5- to 15.5-Year JGBs headline the domestic docket on Tuesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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