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Futures At Tokyo Session Highs At Lunch, Light Local Calendar

JGBS

JGB futures at 148.84 are at Tokyo session highs at the lunch break, +19 versus settlement levels, but remain below post-Tokyo trading highs ahead of the weekend.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined core Machinery orders data that missed expectations.
  • According to MNI’s technical team, JGB futures corrected lower on Thursday, opening a solid gap with resistance at 149.17, the mid-week high. The strong recovery 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 little changed across the curve with yield changes ranging from -0.7bp to +0.4bp. The benchmark 10-year yield is 0.1bp higher at 0.399%, below the BoJ's YCC limit of 0.50%. The 40-year yield is 0.4bp higher at 1.446%, ahead of supply on Thursday.
  • Swap rates are 0.2bp to 1.4bp lower across the curve with the 10-year leading. Swap spreads tighter.
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