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Futures At Overnight Close At Lunch, Reverses Early Tokyo Trade Richening

JGBS

JGB futures are holding around the overnight close at the lunch break, +22 compared to settlement levels, after failing to push to the post-Tokyo-trade high of 148.16.

  • There hasn’t been much in the way of domestic drivers to flag, outside of Governor Ueda’s appearance in Parliament where he stated that monetary policy won’t be impeded by consideration for the government’s debt servicing costs. He also mentioned that Japan's cost-push inflation is peaking out and that implementing monetary policy during this time is challenging.
  • At 147.96, JBM3 sits just above the range of 147.40-147.92, which it has traded in since early April after rejecting the 200-ma overnight.
  • Cash JGBs are 0.7 cheaper to 1.9bp richer across the curve with the 1-year zone the weakest and the 20-30-year zone the strongest. The benchmark 10-year yield is 0.7bp richer at 0.472%, below the BoJ's YCC limit of 0.50%.
  • The benchmark 2-year yield is 0.3bp lower at -0.039bp, ahead of this afternoon’s 2-year JGB supply.
  • Swaps curve twist flattens pivoting at the 3-year zone. Swap spreads are mixed out to the 4-year zone and tighter beyond.
  • Sumitomo Life Insurance joins the list of local participants that plan to increase the balance of unhedged foreign bond holdings, according to MNI Policy MainWire.
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