Futures Fade Initial Show Higher

JGB futures initially looked to the aforementioned late NY/early Asia richening in U.S. Tsys, ticking above their overnight session peak at the re-open, before a pullback from richest levels in U.S. Tsys saw the contract back below late overnight levels to last print -10. Slightly softer than expected domestic services PPI data would also have aided the early bid. Cash JGBs are little changed to ~1.5bp cheaper, with 7s leading the cheapening owing to the move in futures. The swap curve has steepened, with swap spreads marginally mixed across the curve. Participants await comments from BoJ Governor Ueda, which should start filtering out from parliament in the next few minutes.