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Futures Hold Post BoJ Gains, 10yr Yield Close To Fresh Multi Month Lows

JGBS

JGB futures held most of their post BoJ gains into yesterday's close. We finished at 146.75, +.56. Post BoJ highs were at 146.88, while yesterday's lows were close to 146.00 (pre BoJ).

  • Yesterday's BoJ statement and Ueda's press conference didn't point to a significant January shift from the central bank (meeting on the 22nd-23rd).
  • Our policy team noted " The governor said he would focus on wage hikes next year and on whether they filter through to prices. He said that policymakers did not discuss whether the BOJ should avoid shifting its easy policy in March, the end of Japan’s fiscal year, which could hit profits at commercial banks."
  • US Tys futures were mostly range bound in Tuesday trade, we sit off session highs in early Wednesday trade (TYH last 112-13, -01).
  • The 10yr cash JGB yield ended yesterday at 0.63%, close to multi month lows. The 10yr swap rate last tracked near 0.80%.
  • On the data front today we have Nov trade figures first up, followed by Tokyo condominium sales later.
  • Note there is an auction for enhanced liquidity debt (5-15.5 years) later.
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