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Futures Hold Below Highs At The Break

JGBS

JGB futures sit at 148.17 at the break, +0.16, down from session highs (148.26). A heavier US Tsys backdrop, helping take us off earlier session highs.

  • It has been a similar theme in the cash JGB and swap space, with early richness giving way to a slightly more offered tone.
  • Still overall moves have been muted. The 10yr cash JGB is around 0.42%, earlier lows were closer to 0.415%. The 10yr swap was last around 0.5900%, against earlier lows just under 0.5800%.
  • Benchmark bond and swap yields are still lagging US moves, at the margins. The US-JP 10yr swap spread is back close to +288bps, we were around +281bps this time last week.
  • News flow wise has been fairly limited. We did get the weaker than expected PPI early, while ex-Deputy Governor Wakatabe stated he sees no change from the BoJ this Friday, nor at the July meeting (an upward revision to the inflation view is expected at the July meeting though).
  • Due later is preliminary machine tool orders for May. The prior read was -14.4% y/y.
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