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Futures Have Reversed Morning Weakness At The Lunch Break, Liquidity Enhancement Auction Due

JGBS

At the Tokyo lunch break, JGB futures have unwound the weakness seen in morning session to be in line with the overnight close, -13 compared to settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined June national CPI which printed broadly in line with expectations.
  • Cash JGBs are cheaper across the curve out to the 20-year zone, with the benchmark 10-year the underperformer. The 10-year yield is 0.9bp higher at 0.476%, below BoJ's YCC limit of 0.50%.
  • Swaps have shifted stronger at the lunch break with rates flat to 1bp lower. Swap spreads narrower out to the 20-year and wider beyond.
  • Today the MoF will conduct a Y500bn Liquidity Enhancement Auction for OTR 5-15.5-year JGBs.
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