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Futures Downticked Ahead Of the Weekend

JGBS

In post-Tokyo trade ahead of the weekend, JGB futures downticked, closing -3 compared to settlement levels, after US tsys cheapened following higher-than-expected PPI data. Headline final demand PPI printed at its highest SA monthly rate since August '23 in January. The core metrics overshot consensus by a larger margin. PPI ex-food and energy at 0.50% m/m (vs 0.1% cons, -0.06% prior) bringing the 3mma annualized rate to 2.42% (vs 0.56% prior).

  • US tsy yields reached the highest level for this year, with the 2-year yield spiking to 4.72% on the data before finishing 7bps higher at 4.64%. The 10-year yield was up 5bps to 4.28% after reaching an intraday peak of 4.33%.
  • Meanwhile, the UofM Consumer Sentiment Index reached its highest level since mid-2021. Sentiment has been underpinned by rising equity markets and falling inflation.
  • A slow start to the week is expected with the Presidents Day holiday on Monday (rates open for shortened hours on Globex).
  • Reuters noted that the BoJ is still set to end NIRP despite the recession in H2 2023 (see link).
  • Today, the local calendar is light, with Core Machine Orders as the sole release.
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