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Futures Hold Sub Recent Highs, National CPI Out Tomorrow

JGBS

JGB futures have mostly been range bound this session. We sit comfortably off recent highs (147.00), but dips have also been supported. We currently track at 146.82, -.21 in terms of JBH4. Lows for the session rest at 146.74.

  • The impulse from US Tsy futures has been limited, with range bound trends and remaining sub Wednesday highs.
  • The Japan government nudged higher its growth and inflation projections for next year, but its inflation forecast remains below the BoJ's outlook. The government also expects income growth to beat inflation next year (see this BBG link).
  • Headlines also crossed earlier of trade union minimum wage demands out to 2035 at ¥1600 per hour. This is above the government's target (NHK/BBG).
  • Cash JGB yields sit higher for the most part. The 10yr yield is back at 0.574%, +2bps for the session. This puts us back close to the 200-day MA. 10yr swap rates are back near 0.80%.
  • Tomorrow, we have the Nov National CPI print on tap, as well as a 3 month bill sale and an enhanced liquidity auction.
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