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Futures Edge Lower Ahead Of 10-Year Supply, Long End Outperforms

JGBS

Futures edged lower as we moved through the Tokyo morning, as participants looked to the upcoming JGB supply schedule, before recovering from worst levels in the afternoon. Cash JGBs were unchanged to ~1.0bp richer in what proved to be a fairly limited session.

  • Local data saw industrial production come in a touch better vs. exp., while the retail sales readings were largely in line with the broader consensus.
  • The BoJ left the size of its 3-5 & 25+ Year Rinban purchases unchanged, with offer to cover ratios as follows:
  • 3-5 Year: 2.11x (prev. 2.85x)
  • 25+ Year: 7.46x (prev. 3.93x)
  • The breakdown of the Rinban ops had little impact on the space, with the long end seeing some marginal outperformance on the day.
  • Tuesday's local docket will bring the release of the latest labour market report, Q3 CapEx data and 10-Year JGB supply.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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