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Futures Holding Weaker, Tokyo CPI Miss Fails To Support Market

JGBS

JGB futures are dealing at overnight closing levels, -11 compared to settlement levels after the initial pop from the Tokyo CPI miss fails to hold in early Tokyo trade.

  • The muted reaction may reflect the fact that inflation in Tokyo re-accelerated for the second time in three months in June, according to a Bloomberg article. Such an outcome supports expectations the BoJ will raise its inflation forecast next month amid lingering speculation of possible policy adjustments. (See link)
  • Cash JGBs are trading -0.5bp to +0.5bp beyond the 1-year zone (+1.6bp). The benchmark 10-year yield is unchanged at 0.391%, below the BoJ's YCC limit of 0.50%.
    • The 2-year yield is 0.5bp lower at -0.074% after yesterday's supply takedown saw solid demand with the cover ratio jumping to its highest level observed at a 2-year auction since September with a reduced tail. Bloomberg reports that MUFJ-MS Buys 24.7% of Japan 2-Year Bonds at sale yesterday. (See link)
  • Swap rates are flat to 0.3bp higher out to the 3-year and 0.1-0.5bp lower beyond, out to the 30-year. 40-year swap rate is 0.7bp higher.
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