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Futures Dip On Core Yield Rebound, MoF Sells 3 Month Bills & BoJ Buying Ops In Focus

JGBS

Futures finished post Tokyo trade sharply lower, slipping to 144.44, -.32. A rebound in core yields led by the US, amid hawkish Fed rhetoric and a poor 30-yr auction in the US, the key drivers of the move.

  • Lows for this week in JGBs rest at 144.17, but early November lows just under 143.50 are likely to be a more important technical watch point. Yesterday's highs were just short of 144.90.
  • Locally today we have the Mof selling 3 month bills. Before that the BoJ will hold bond purchase operations for the 1-3yr, 3-5yr and 10-25yr tenors.
  • The Japan cabinet is expected to approve a ¥13.2trln extra budget, whilst two thirds of this extra budget is expected to be funded through extra bond issuance, the bond issuance calendar for the current fiscal year is not expected to change per BBG reports (see this link BBG).
  • In the cash JGB space, the 10yr yield closed at 0.838% yesterday.
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