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Futures Consolidate Overnight Losses, BoJ Action Eyed

JGBS

Trade in JGB futures has been two-way since the re-open, with the contract initially showing higher vs. late NY levels, before moving back below late overnight levels (although the overnight low was never threatened), then recovering to last trade -23 on the day. Cash JGBs are 0.5-1.5bp cheaper on the day, with the super-long end leading the way lower. Note that 10-Year JGBs are sitting at 0.25%, with participants on the lookout for BoJ fixed rate operations (which could be announced alongside the scheduled BoJ RInban operations at 10:10 Tokyo/02:10 London).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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