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Futures Close Near YTD Lows Amid Broader Fixed Income Pressures, BoJ Tomorrow

JGBS

JGB futures finished the post Tokyo session at 144.09, -.12 for JBM4. This was slightly above session lows near 144.00. Futures were weighed by broader pressures in the global fixed income space post yesterday's Australian CPI beat and pressure in Germany post bund supply.

  • Today we have a few data pieces, but nothing that is likely to shift the sentiment needle ahead of tomorrow's BoJ outcome (see this link for our preview). We don't expect any major changes to be announcement tomorrow, with gradual tightening expected.
  • Focus is likely to rest on weakness in yen and spillover to domestic inflation, while tapering of bond buying will also be eyed.
  • To recap, cash JGB 10yr yields finished up just above 0.90% yesterday, while the 10yr swap rate last tracked near 1.0%.
  • On the supply front, note the next major supply is 10yr on May the 8th.
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