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Futures Hold Cheaper Ahead Of Long Weekend

JGBS

JGB futures pushed lower in early Tokyo trade, breaching their overnight session base, although bears failed to force a meaningful extension with equities trading on the defensive. The contract is -28 ahead of the bell, just off worst levels, while wider cash JGB trade sees the major benchmarks running little changed to 2.5bp cheaper, with weakness led by 40s after Thursday’s cheapening in wider core global FI markets.

  • Local data saw softer than exp. household spending data, while wage growth provided a modest beat vs. expectations (albeit with real wage growth residing comfortably in negative territory in Y/Y terms).
  • Japanese Finance Minister Suzuki & Prime Minister Kishida failed to offer much colour on the FX intervention front, as you would expect, with a lack of domestic headline flow observed outside of their run-of-the-mill comments re: FX.
  • Japanese markets are closed on Monday as the country observes a national holiday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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