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Futures Extend Overnight Weakness In Early Tokyo Trade

JGBS

In Tokyo morning trade, JGB futures are sharply weaker, -26 compared to settlement levels, after extending the overnight session's softening.

  • The local calendar is light today, with Leading and Coincident Indices for August (Final) due later.
  • Today’s weakness is therefore unexpected and flies in the face of lower US tsy yields during Tuesday’s NY session. Cash US tsys have opened dealing 2bps richer to 1bp cheaper across the major benchmarks, light steepening is apparent. TYZ3 deals at 106-14, +0-02+ compared to NY closing levels.
  • Cash JGBs are generally cheaper, with yields 0.2bps lower (3-year) to 1.6bps higher (20-year). The benchmark 10-year yield is 1.3bps higher at 0.864%, above BOJ's YCC soft limit of 0.50% but below its hard limit of 1.0%. It is also lower than the cycle high of 0.882% set on Monday.
  • Swap rates are higher across the curve, with the belly the weakest. Swap spreads are mixed across maturities.
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