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Futures Holding At Overnight Closing Levels, Market Awaits BoJ Dep. Gov. Uchida Speech

JGBS

In Tokyo morning trade, JGB futures are holding near overnight closing levels, -28 compared to settlement levels, after the morning’s local data drop.

  • Japan's weekly investment flows saw offshore investors adding to local bonds, ¥394.4bn, more than offsetting the prior week's outflow. The trend in this segment has mostly been positive since the start of the year. Regarding Japan's resident outflows, we had a further pick up in offshore bond purchases, to ¥456.6bn.
  • Meanwhile, the Current Account Surplus was at Y744.3bn in December versus Y1.138tn est. Bank Lending Incl Trusts (Ex Trusts) showed 3.1% y/y (3.5% y/y) versus a downwardly revised 3.0% (3.4%) prior.
  • (MNI) Traders await 1030 JT speech and 1430 JT press conference by BoJ Deputy Governor Shinichi Uchida. Uchida will likely explain the latest Outlook Report released in January to business leaders as the Deputy Governor always has a chance to speak to business leaders after the BoJ quarterly Outlook Report.
  • Cash JGBs are cheaper, with yields 1-2bps higher. The benchmark 10-year yield is 1.3bps higher at 0.731% versus the Feb low of 0.665% and the Nov-Dec rally low of 0.555%.
  • Swaps are also cheaper, with the 5-10-year zone underperforming (rates 1.7bps higher). Swap spreads are wider across maturities.
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