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Futures Holding An Uptick, BoJ Gov. Ueda Due In Parliament

JGBS

At the Tokyo lunch break, JGB futures are holding close to the overnight session’s closing level, +5 compared to settlement levels, after trading in a narrow range in Tokyo morning trade.

  • The local data calendar has the April preliminary leading and coincident indices released later today (0600 BST). The market consensus for the leading index is 98.2 (prior 97.7), for the coincident index it is 99 versus 98.8 prior. These releases are unlikely to move market sentiment.
  • With the local calendar light, local participants are likely on headlines watch and monitoring US tsys after the US cash curve twist flattened on Tuesday. The cash tsy curve has twist flattened further in Asia-Pac trade with yields +2.3bp to -0.2bp, pivoting at the 20s.
  • BoJ Governor Ueda is scheduled to appear in parliament from 0530 BST / 1330 JST.
  • The cash JGB curve twist flattened in morning Tokyo trade, pivoting at the 4-year zone. The benchmark 10-year yield is 0.3bp lower at 0.423%.
  • Swaps curve twist flattens as well with swap spreads wider out to the 7-year zone and generally narrower beyond.
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