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Futures Lower In Overnight Trade, US Tsys Pressured By Corporate Issuance

JGBS

In post-Tokyo trade, JGB futures are weaker, closing at -19 compared to settlement levels, after US Tsys came under deal-tied hedging pressure from heavier-than-expected corporate issuance in NY trade ahead of tomorrow’s US CPI release. After the bell yields were 7-9bp higher with the 2-year trade at 4.0% and the 10-year rate at 3.5%. There was a further paring of rate cut expectations for the second half of the year.

  • JBM3 is positioned at 148.47, nestled between the upper limit of April's trading range at 147.92 and the high point of March 22 at 149.53. Technical analysis conducted by MNI indicates that surpassing the March 22 high would indicate a continuation of the upward trend. On the other hand, the 50-day moving average serves as support at 147.72, positioned slightly above the low point of April 18.
  • There is hope that the removal of covid restrictions will aid the economic recovery further, particularly in the tourism sector.
  • March Household Spending, Labour Cash Earnings and Real Cash Earnings all came in lower-than-expected printing respectively -1.9% m/m (+0.8% est.), +0.8% m/m (+1.0% est.) and -2.9% m/m (-2.4% est.).
  • BoJ Governor Ueda is scheduled to appear in Parliament from 9:00 JST / 0100 BST.
  • The MoF is scheduled to sell Y4tn in 6-month bills and Y2.7tn of 10-year JGBs.
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