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Futures Gap Lower After Lunch Consistent With BoJ Rinban Operation Results

JGBS

In early afternoon trade, JGB futures are stronger, +8 compared to settlement levels, but well off session bests.

  • The weakening in the early rounds after lunch is consistent with the results of this morning’s BoJ Rinban operations, which saw higher offer cover ratios (1-3-year: 3.91x, 3-5-year: 2.48x and 5-10-year: 2.99x).
  • Outside of the previously outlined Trade Balance data, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are slightly cheaper in today’s Asia-Pac session after yesterday’s gains.
  • Cash JGBs are flat to 1bp richer, with the belly of the curve outperforming. The benchmark 10-year yield is 0.1bps lower at 0.892% versus the cycle high of 1.108%.
  • Swaps are slightly mixed, with rate swings bounded by +/- 1.5bps. Swap spreads are generally wider.
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