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JGBS: Futures Cheaper Overnight With US Tsys, 5Y Supply Due

JGBS
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In post-Tokyo trade, JGB futures are weaker, -16 compared to settlement levels, after US tsys finished Monday’s session with yields 2-5bps higher and the curve steeper. However, trading was very quiet to start the week, with a risk-off tone prevailing. Wall Street closed with small losses after profit-taking ahead of Wednesday's CPI report. PPI inflation data is on Thursday.

  • Upcoming supply, including $119bn in Treasury auctions this week and a rash of corporate issuance, weighed.
  • Geopolitics, along with various supply and demand considerations helped boost oil and gold, even as the dollar rose.
  • The Bank of Japan is taking an unusual step that signals its efforts to improve communications, in a move that may increase market expectations for a rate hike next month. (per BBG)
  • The central bank’s Deputy Governor Ryozo Himino will be giving a speech to local business leaders in Yokohama followed by a press conference on Jan. 14, the BOJ said Monday. The move is unusual, as board members haven’t held this kind of event before the first policy meeting of the year at least since former Governor Haruhiko Kuroda began his term in 2013.
  • Today, the local calendar will see M2 & M3 Money Stock and Machine Tool Orders data alongside 5-year supply.
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In post-Tokyo trade, JGB futures are weaker, -16 compared to settlement levels, after US tsys finished Monday’s session with yields 2-5bps higher and the curve steeper. However, trading was very quiet to start the week, with a risk-off tone prevailing. Wall Street closed with small losses after profit-taking ahead of Wednesday's CPI report. PPI inflation data is on Thursday.

  • Upcoming supply, including $119bn in Treasury auctions this week and a rash of corporate issuance, weighed.
  • Geopolitics, along with various supply and demand considerations helped boost oil and gold, even as the dollar rose.
  • The Bank of Japan is taking an unusual step that signals its efforts to improve communications, in a move that may increase market expectations for a rate hike next month. (per BBG)
  • The central bank’s Deputy Governor Ryozo Himino will be giving a speech to local business leaders in Yokohama followed by a press conference on Jan. 14, the BOJ said Monday. The move is unusual, as board members haven’t held this kind of event before the first policy meeting of the year at least since former Governor Haruhiko Kuroda began his term in 2013.
  • Today, the local calendar will see M2 & M3 Money Stock and Machine Tool Orders data alongside 5-year supply.