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Futures Holding Richer, Light Local Calendar, BoJ Rinban Operations Due

JGBS

In Tokyo morning trade, JGB futures are holding richer, +18 compared to settlement levels, after the positive lead-in from US tsys overnight. With the domestic calendar light (Monetary Base data as the only release), local participants are likely monitoring US tsys in today’s Asia-Pac session, ahead of US Non-Farm Payrolls later today. Cash US tsys are dealing little changed across benchmarks so far today after yesterday’s bull-flattening.

  • Bloomberg reported that M&G Investment Management fund manager Robert Burrows believes the momentum is likely to shift in favour of a flatter curve for Japanese sovereign debt as most Western countries will probably deliver rate cuts throughout 2024. (See link)
  • The cash JGB curve has bull-flattened, with yields flat to 4bps lower. The benchmark 10-year yield is 2.9bps lower at 0.675% versus the Nov-Dec rally low of 0.555%.
  • The BoJ will conduct Rinban Operations covering 1-10-year JGBs today.
  • The swaps curve has also bull-flattened, with rates flat to 2bps lower. Swap spreads are wider.
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