Futures Incrementally Firmer After Ueda Nomination Confirmed

There hasn’t been any meaningful market reaction to the Japanese government’s formal nominations for the BoJ’s leadership positions in the post-Kuroda era, which you would expect, given that the names were telegraphed in Friday’s Nikkei article (Ueda, Uchida & Himino). JGB futures have looked through their morning high, but operate off of best levels, last +16, while cash JGBs and swap rates operate around levels witnessed late in the Tokyo morning. The contract remains well off the nearest technical lines in the sand, with resistance seen at the zone that consists of the Jan 23 low & Nov 16 high (147.74/148.79), while technical support comes in at the 1% 10-DMA envelope.