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Futures Firm With US Tsys, BoJ Buying Ops Soon

JGBS

JGB futures are a touch higher in early Monday dealings. We were last 144.25, -01 (just below session highs). We finished up last week at 144.18.

  • US Tsy futures have ticked slightly higher since the open, but remain comfortably off late highs from last week. This has probably lent some support to JGBs.
  • On the data front, we had April money stock figures, with M2 y/y up 2.2% versus 2.5% in March (not a sentiment shifter). Tomorrow, we have the April PPI print.
  • In the cash JGB space, we are little changed in yield terms, the 10yr last around 0.91%.
  • Back end swap rates continue to trend higher, the 20-30yr tenors up +2bps at this stage.
  • Coming up soon we have BoJ bond buying ops.
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