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Futures Higher At Lunch, Narrow Ranges For JGBs Ahead Of 40Y Supply

JGBS

At the Tokyo lunch break, JGB futures are richer, +22 compared to the settlement levels, after dealing in a relatively narrow range so far today.

  • There hasn’t been much in the way of domestic drivers to flag, with the local calendar empty today. Later this week, capex and jobless figures will be in focus, particularly around shaping the BOJ outlook into early 2024.
  • Cash US tsys are flat to 2bps cheaper so far in today's Asia-Pac session after yesterday’s solid gains. A slight flattening bias is apparent.
  • The cash JGB curve is mixed with yields 0.5bp (1-year) higher to 2.4bps lower (10-year). The benchmark 10-year yield is at 0.754% versus the cycle high of 0.97% set in late October and the BOJ's 1% YCC reference rate. The 40-year yield is 1.1bps lower at 1.928%, slightly underperforming on the curve ahead of supply.
  • The swaps curve is slightly richer, with swap spreads mixed.
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