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Futures Flat At Lunch

JGBS

At the Tokyo lunch break, JGB futures are flat compared to the settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined labour market and Jibun Bank PMI Mfg data, and comments from BoJ Governor Ueda.
  • (Bloomberg) -- Bank of Japan Governor Kazuo Ueda said the Bank of Japan’s price target is not yet in sight, tempering market speculation that the bank’s first rate hike since 2007 is just around the corner. (See link ICYMI)
  • Cash JGBs are cheaper across maturities, with yield movement ranging from flat (20-year) to 1.6bps higher (5-year). The benchmark 10-year yield is 1.2bp higher at 0.721% versus the Nov-Dec rally low of 0.555% and the February high of 0.772%.
  • Swaps are little changed, with swap spreads mostly tighter.
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