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Futures At Session Highs In Afternoon Trade, Tracking US Tsys

JGBS

JGB futures at 148.87 are at Tokyo session highs at the lunch break, +22 versus settlement levels, just below post-Tokyo trading highs ahead of the weekend.

  • Apart from the previously mentioned core Machinery orders data, which fell short of expectations, there have been few notable domestic drivers worth highlighting.
  • According to MNI’s technical team, the strong recovery in JGB futures from 147.27, the Apr 18 low confirms the corrective nature of the recent pullback, keeping medium-term attention on 149.53, the March 22 high and the bull trigger.
  • Outside of the 1-year zone which is 1bp cheaper, cash JGBs are richer across the curve with yield changes ranging from -0.3bp to -1.7bp. The benchmark 10-year yield is 0.4bp lower at 0.394%, below the BoJ's YCC limit of 0.50%. The 40-year yield is 1.4bp lower at 1.428%, ahead of supply on Thursday.
  • Swap rates are 0.2bp to 1.9bp lower across the curve with the 10-year leading. Swap spreads are generally tighter.
  • The local calendar remains light tomorrow with Jibun Bank PMIs (preliminary) as the highlight ahead of 10-year index-linked supply.
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