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Futures Little Changed At Lunch, Overnight Weakness Pared After Wages Data

JGBS

At the Tokyo lunch break, JGB futures are close to flat, -3 compared to settlement levels, after paring overnight weakness on the back of weaker-than-expected wages and household spending data for December.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Labour Cash & Real Earnings and Household spending data.
  • (BBG) Japanese wage growth strengthened less than expected in December while still showing signs of sufficient underlying momentum to keep the Bank of Japan on track to end its negative rate regime in the coming months. (See link ICYMI)
  • Cash JGBs are dealing slightly mixed across the curve, with yields -0.6bp lower (5-year) to 0.8bp higher (1-year). The benchmark 10-year yield is 0.1bp lower at 0.724% versus the Nov-Dec rally low of 0.555%.
  • Swaps have bull-flattened, with rates 0.6bp to 2.0bps lower. Swap spreads are tighter across maturities.
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