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Futures Holding Overnight Downtick, Muted Reaction To PPI Miss

JGBS

JGB futures are holding the overnight downtick in early Tokyo trade, -1 compared to settlement levels after June PPI data prints lower than expected at +1.2% y/y (+1.5% y/y est.)

  • According to MNI’s technicals team, the rally in JGB futures since Friday reaffirms the buy-on-dips theme in markets at present. Moves continue to mirror fluctuations in US tsys. Key resistance lies ahead at 149.21/53, highs from May and March. Clearance of these levels would highlight an important break.
  • A Bloomberg article by John Authers states that If Kazuo Ueda, the new governor of the Bank of Japan, is to be believed, the long-running policy of “Yield Curve Control” (YCC), or intervening to hold 10-year yields down, has more life in it yet. (See link)
  • Cash JGBs are dealing mixed with yield changes bounded by -0.1bp and +0.4bp. The benchmark 10-year yield is 0.4bp higher at 0.470%%, below the BoJ's YCC limit of 0.50%.
  • The swap curve has bear steepened with swap spreads wider across the curve.
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