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Futures Give Up Overnight Gains, BoJ Noguchi Due To Speak

JGBS

JGB futures more than reverse overnight gains in morning Tokyo trade to be 148.65, -2 compared to settlement levels. JBU3 reached a high of 148.76 in post-Tokyo trade.

  • On the data front, weekly investment flow data looks to have weighed on the market with news that Japanese outflows to global bonds picked up noticeably for the week ended June 16, rising to ¥1056.2bn. This marked the 6th straight week of outflows to this asset class. Additionally, offshore investors were net sellers of Japanese bonds, -¥634.8bn.
  • With the local calendar thin today, local participants are likely on headlines and US tsys watch ahead of BoJ Noguchi speaking in Okinawa (0230 BST / 1030 JST).
  • Cash US tsys are slightly cheaper in Asia-Pac trade.
  • Cash JGBs are little changed in morning Tokyo trade with the curve slightly twist steepening. The benchmark 10-year yield is 0.3bp lower at 0.379%, below the BoJ's YCC limit of 0.50%.
  • The 5-year benchmark is 0.3bp lower, showing no concession on the curve, ahead of today’s supply.
  • Swap spreads are wider with rates higher beyond the 1-year zone.
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