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Futures In Positive Territory, Subdued Session Ahead Of BoJ Policy Decision Next Friday

JGBS

JGB futures are firmer and just off Tokyo session highs, +9 compared to settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag. The tertiary industry index, just released, printed +0.9% m/m for July versus +0.3% est. and a revised -0.7% prior.
  • The cash JGB curve has twist flattened, pivoting at the 3s, with yields 0.7bp higher to 1.2bp lower. The benchmark 10-year yield is 0.9bp lower at 0.707% versus the post-YCC tweak high of 0.723%.
  • Swaps are dealing richer, with rates 0.6bp to 1.5bp lower. Swap spreads are tighter, apart from the 7-year.
  • Next week the local calendar sees Trade Balance and Tokyo Condominiums for Sale data on Tuesday, ahead of National CPI and the BoJ Policy Decision on Friday.
  • The MoF will conduct Liquidity Enhancement Auctions on Tuesday (1-5-years) and Thursday (5-15.5-years).
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