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Futures Maintain Positive Bias, Tokyo CPI Close To Expectations

JGBS

JGB futures mostly maintained a positive tone post the Tokyo close on Thursday. Early dealings have maintained this tone on Friday. We were last 143.30, +.10 versus settlement levels.

  • Sentiment was positive post yesterday's 2yr auction result, which indicated solid underlying demand. Also, US Tsy futures pushed up from recent lows, aided by some softer data outcomes.
  • A short while ago we had May Tokyo CPI print. That was very close to expectations with headline at 2.2% (prior 1.8%), while the core ex fresh food and energy measure was 1.7%y/y, against a 1.8% forecast and 1.8% prior. The jobless rate was steady at 2.6%.
  • Coming up soon we have April IP and retail sales on tap. Later on, April housing starts are due.
  • Also note BoJ bond buying ops will be in focus later. the central bank will announce purchases for 3 to 25yr tenors. We have a 3 month bill sale later on as well.
  • To recap in the cash JGB space, we had the 10yr yield finished up at 1.064% yesterday. This was after making fresh cycle highs above 1.10% at the start of yesterday's session. 10yr swap rates were last at 1.08%.
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