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Futures Holding Stronger But At Session Lows, BoJ Noguchi Speech Due

JGBS

In Tokyo morning trade, JGB futures are stronger but at session lows, +12 compared to settlement levels.

  • Offshore investors bought local bonds, but only a modest 50.7bn. Net flows over the past month are still negative into this space. Local Japan investors were large net sellers of offshore bonds (-Y1005.9bn). This came in the week where the US CPI upside surprise drove a surge in yields. Net selling of this segment has been over 2300bn in the past month.
  • Today, the local calendar also sees Tertiary Industry Index, Tokyo Condominiums for Sale and Machine Tool Orders data alongside 1-year supply. The MoF will also conduct an Enhanced-Liquidity Auction for 15.5-39-year OTR JGBS.
  • BoJ Board Noguchi will give a speech in Saga at 1030 JT.
  • Cash US tsys are little changed so far in the Asia-Pac session after yesterday's solid performance. Today’s US calendar will see Weekly Claims, Existing Home Sales and Fed Speak.
  • Cash JGBs are dealing slightly mixed, with yield movement bounded by +/- 1bp. The benchmark 10-year yield is 0.3bp higher at 0.886% versus the YTD high of 0.891% set yesterday.
  • Swap rates and spreads are little changed.
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