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Futures Down, But Holding Above Session Lows

JGBS

Futures sit at 148.08, -.18. There was a slight offered tone this afternoon, as US futures edged down from session highs, but there was little follow through. Earlier session lows just under 148.00 remain intact for now.

  • In the cash bond space, yields are touch firmer versus earlier lows, the 10yr creeping back up towards 0.44%, although the 20-40yr space still remains slightly lower in yield terms for the session.
  • In the swap space, similar trends are evident. The 10yr is back to 0.596%, range on the day being 0.58125/0.60250%.
  • The local data calendar is empty today. We get data tomorrow (May trade balance, core machine orders and weekly investment flows) ahead of Friday's BoJ decision. Tomorrow also has a 3month bill sale and BOJ bond purchase operations.
  • The main domestic news today being local media reporting that PM Kishida may dissolve the lower house if the opposition submits a no-confidence motion this Friday.
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