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Futures Holding An Uptick, Light Calendar, 30Y Supply Due

JGBS

In Tokyo morning trade, JGB futures are holding the overnight uptick, +4 compared to settlement levels.

  • With the domestic calendar light today, Leading and Coincident Indices for December (Preliminary) as the only releases, the local market’s focus is likely to be on 30-year supply.
  • (BBG) The topside of government bonds is likely to be heavy, says Katsutoshi Inadome, senior strategist at Sumitomo Mitsui Trust Asset Management. The 30-year auction may not be so strong as main domestic buyers do not seem to rush to buy. Moreover, it is also hard to buy bonds before the speech by the BoJ deputy governor Shinichi Uchida on Thursday.
  • (BBG) Bank of Japan Governor Kazuo Ueda reiterated his view yesterday that a decision over what the bank should do with its holdings of exchange-traded funds can wait until after its stable inflation target comes within sight. (See link ICYMI)
  • Cash JGBs are slightly richer across the curve, with the futures-linked 7-year leading (0.8bp richer). The benchmark 10-year yield is 0.5% lower at 0.717% versus the Nov-Dec rally low of 0.555%.
  • Swaps are little changed. Swap spreads are mixed.
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