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Futures Higher At Lunch, Narrow Range

JGBS

At the Tokyo lunch break, JGB futures sit in the middle of the Tokyo morning range, +9 compared to the settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Summary of Opinions from the BoJ’s June meeting, which revealed a BOJ board member stating that a revision to the treatment of yield-curve control should be discussed at an early stage. (See linkICYMI)
  • The cash JGB curve twist flattens at the lunch pivoting at the 20-year zone. Yield movements beyond the 2-year zone have ranged from 0.3bp higher to 0.9bp lower. The benchmark 10-year yield is +0.3bp at 0.372%, below the BoJ's YCC limit of 0.50%. The 20-year is 0.7bp lower at 0.964%, showing no concession on the curve, ahead of tomorrow’s supply.
  • Swap rate and spreads are mixed so far in morning Tokyo trade.
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