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Futures Move Away From Earlier Highs, Wages Growth Of +5% Needed - Econ Minister

JGBS

JGB futures sit slightly down from earlier highs. We were last at 144.28, -.14. Earlier highs were at 144.36. US 10yr futures also sit a touch below session highs (last at 107-23, +04), which is seeing some spill over to the JGB space. Overall moves are fairly modest though.

  • Yields remain a touch weaker in the cash JGB space relative to yesterday closing levels. 10yr is at 0.88%. The 20-40yr part of the curve has seen 1bp yield dips. For swaps, the 10yr is around 1.0625%, while we a touch higher in yield terms at the front end of the curve.
  • Post the largely as expected wages data earlier, we have had commentary from Economic Minister Yasutoshi Nishimura.
  • The new economic stimulus package is designed to support higher wages momentum. He wants to see wages growth of 5% plus alpha to boost the economy (see this BBG link for more details).
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