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Futures At Session Highs Ahead OF US CPI Data, 30Y Supply Tomorrow

JGBS

JGB futures are higher, +23 compared to the settlement levels, and at session highs.

  • There hasn’t been much in the way of domestic drivers to flag given the relatively light local calendar. Leading & Coincident Indices are due later but are unlikely to be market movers.
  • OECD urges Japan's central bank to gradually raise interest rates – Reuters.
  • Asian participants have opted to remain on the sidelines concerning US tsys in anticipation of the pivotal US CPI data scheduled for later today. As a result, cash US tsys have experienced minimal changes during today's Asia-Pacific session. This cautious stance suggests a wait-and-see approach among Asian investors, highlighting the significance they place on the upcoming US CPI data and its potential impact on market dynamics.
  • Cash JGBs are dealing mixed. The benchmark 10-year yield is 0.4bp lower at 0.582% versus a session high of 0.628%.
  • The swap curve has slightly twist-steepened, with rates 0.1bp lower to 1bp higher. Swap spreads are wider.
  • Tomorrow, the local calendar sees Weekly International Investment Flows, BoP Current Account Balance and Bank Lending data.
  • The MoF will tomorrow sell Y900bn 30-year JGBs.
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