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Futures Modestly Firmer, US Tsys Assisting As Debt Ceiling Impasse Continues

JGBS

JGB futures are sitting modestly higher in early Tokyo trade, +16 compared to settlement levels, in line with a slightly richer opening for US cash tsys in Asia-Pac trade. The continued impasse over the US debt ceiling has helped tsys firm on Monday after there was no breakthrough in talks over the weekend. President Biden and House Leader McCarthy are scheduled to meet today.

  • Machinery orders, excluding shipbuilding and utilities, fell 3.9% m/m in March from February versus expectations of +0.4%, but the data is unlikely to have provided much impetus for the local market.
  • Global funds bought the largest amount of super-long Japanese government bonds since October last month, according to the latest data from the Japan Securities Dealers Association on Monday. Foreign investors were the biggest buyers of intermediate and long bonds. (link)
  • Cash JGBs are little changed across the curve with the benchmark 10-year yield is 0.2bp higher at 0.40%, below the BoJ's YCC limit of 0.50%. The 40-year yield is 0.5bp higher at 1.447%, ahead of supply on Thursday.
  • Swap rates are slightly lower across the curve with swap spreads tighter.
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