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Futures Holding An Uptick At Lunch, BoJ Ueda In Parliament, 2Y Supply Due

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At the Tokyo lunch break, JGB futures are holding an uptick, +1 compared to the settlement levels.

  • There hasn’t been much in the way of domestic data drivers to flag, outside of the previously outlined Jibun Bank Flash PMIs.
  • (MNI) Bank of Japan Governor Kazuo Ueda said on Tuesday the BOJ would tweak the degree of easy policy through adjustments to the unsecured overnight call loan rate if inflation rises to its 2% target as expected. Ueda, however, told reporters the Bank must maintain easy policy as the underlying inflation trend remains below this level. (See link)
  • Cash US tsys are flat to 1bp cheaper in today’s Asia-Pac session after a relatively subdued start to the weak.
  • Ahead of today’s 2-year supply, the cash JGB curve bear-steepened, with yields flat to 3bps higher. The benchmark 10-year yield is slightly lower at 0.885%, just shy of the YTD high of 0.891%.
  • The swaps curve has twist-steepened, pivoting at the 10s, with rates 1bp lower to 5bps higher. Swap spreads are tighter out to the 7-year and wider beyond.
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At the Tokyo lunch break, JGB futures are holding an uptick, +1 compared to the settlement levels.

  • There hasn’t been much in the way of domestic data drivers to flag, outside of the previously outlined Jibun Bank Flash PMIs.
  • (MNI) Bank of Japan Governor Kazuo Ueda said on Tuesday the BOJ would tweak the degree of easy policy through adjustments to the unsecured overnight call loan rate if inflation rises to its 2% target as expected. Ueda, however, told reporters the Bank must maintain easy policy as the underlying inflation trend remains below this level. (See link)
  • Cash US tsys are flat to 1bp cheaper in today’s Asia-Pac session after a relatively subdued start to the weak.
  • Ahead of today’s 2-year supply, the cash JGB curve bear-steepened, with yields flat to 3bps higher. The benchmark 10-year yield is slightly lower at 0.885%, just shy of the YTD high of 0.891%.
  • The swaps curve has twist-steepened, pivoting at the 10s, with rates 1bp lower to 5bps higher. Swap spreads are tighter out to the 7-year and wider beyond.