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Futures Holding Near Session Lows At Lunch, 10YY Cycle High Revisited

JGBS

At the Tokyo lunch break, JGB futures are weaker and holding near session lows, -34 compared to settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined PPI services and international investment flow data. Later, the docket shows Machine Tool Orders (final) for September.
  • Also, ICYMI, Nippon Life stated it would buy/sell foreign bonds flexibly as yields and FX shift (see this here).
  • Cash JGBs are cheaper, with the belly of the curve underperforming. The benchmark 10-year yield is 2.0bps higher at 0.879%, above BOJ's YCC soft limit of 0.50% but below its hard limit of 1.0%. It is also just shy of the cycle high of 0.882% set on Monday and revisited today.
  • The swaps curve has twist-steepened, pivoting at the 3s, with rates 0.2bp lower to 2.0bps higher. Swap spreads are tighter out the 20-year.
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