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Futures Extend Overnight Weakness In Early Tokyo Trade

JGBS

JGB futures have extended the overnight downtick in the Tokyo morning session, -14 compared to settlement levels, despite PPI data for June printing on the downside of expectations at -0.2% m/m and +4.1% y/y versus +0.2% and +4.4%. Core machine orders for May also disappointed printing -7.6% m/m versus +1.0% est.

  • Cash tsys have opened dealing marginally richer on Wednesday sitting ~1bp richer across the major benchmarks. Asia-Pac participants are digesting a muted session on Tuesday as pre-CPI positioning dominated flows. TYU3 deals at 111-12, +0-03+, at the top of the 0-03 range observed thus far.
  • Cash JGBs are dealing mixed with yields 0.6bp lower (20-year) to 0.3bp higher (7-year). The benchmark 10-year yield is 0.3bp lower at 0.456%, below the BoJ's YCC limit of 0.50%.
  • The 20-year benchmark is at 1.067%, ahead of supply tomorrow.
  • Swap rates are mixed as well across the curve. Swap spreads are generally wider.
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