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Futures Little Changed As Curve Runs Steeper

JGBS

Curve steepening continued during the Tokyo morning, with 20+-Year JGB yields running 2.5-6.0bp higher, aided by the previously outlined show higher in U.S. Tsy yields and the BoJ’s choice to refrain from deploying another round of off-schedule Rinban purchases.

  • JGB futures are little changed vs. overnight levels, hitting the lunch break +2, with participants seemingly unwilling to test the BoJ’s will via a retest of the June extremes given the (ultimately successful) BoJ defences deployed at that time.
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Curve steepening continued during the Tokyo morning, with 20+-Year JGB yields running 2.5-6.0bp higher, aided by the previously outlined show higher in U.S. Tsy yields and the BoJ’s choice to refrain from deploying another round of off-schedule Rinban purchases.

  • JGB futures are little changed vs. overnight levels, hitting the lunch break +2, with participants seemingly unwilling to test the BoJ’s will via a retest of the June extremes given the (ultimately successful) BoJ defences deployed at that time.