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Futures Firm On Positive US Tsy Spillover, Tokyo Core CPI A Touch Above Forecasts

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JGB futures finished higher post the Tokyo close, JBU4 ending at 142.85, +.17 versus settlement levels. Positive spill over was evident from the rise in US Tsy futures, which followed softer data, on balance.

  • On the data front, Tokyo CPI for June has just printed. The headline was 2.3% y/y, in line with expectations (prior 2.2%). The core measure was 2.1% y/y (versus 2.0% forecast), while the ex fresh food and energy measure rose 1.8%y/y, also a touch above forecasts (1.7%, which was also the prior outcome).
  • Other data showed a steady unemployment rate at 2.6%, while the job to applicant ratio eased to 1.24 from 1.26. In a short while May IP figures are due, then later on housing data.
  • Reuters reported late yesterday that the BoJ is surveying bond market participants ahead of July 9-10 meetings, which will discuss the central bank's bond tapering plans. See this link.
  • In the cash bond space, the 10yr finished up Thursday trade at 1.076%, while the 10yr swap last tracked just under 1.05%.
  • Also note we have BoJ bond buying ops later this morning.
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JGB futures finished higher post the Tokyo close, JBU4 ending at 142.85, +.17 versus settlement levels. Positive spill over was evident from the rise in US Tsy futures, which followed softer data, on balance.

  • On the data front, Tokyo CPI for June has just printed. The headline was 2.3% y/y, in line with expectations (prior 2.2%). The core measure was 2.1% y/y (versus 2.0% forecast), while the ex fresh food and energy measure rose 1.8%y/y, also a touch above forecasts (1.7%, which was also the prior outcome).
  • Other data showed a steady unemployment rate at 2.6%, while the job to applicant ratio eased to 1.24 from 1.26. In a short while May IP figures are due, then later on housing data.
  • Reuters reported late yesterday that the BoJ is surveying bond market participants ahead of July 9-10 meetings, which will discuss the central bank's bond tapering plans. See this link.
  • In the cash bond space, the 10yr finished up Thursday trade at 1.076%, while the 10yr swap last tracked just under 1.05%.
  • Also note we have BoJ bond buying ops later this morning.