Futures Near Session Highs, 30yr Auction Sees Rise in Bid To Cover Ratio

Futures sit at 144.83 +.16, which is below session highs (144.89), but dips are generally being supported and remain shallow.

• BoJ Governor's second appearance at parliament in as many days hasn't shed any new light (at this stage) on the BoJ outlook, with similar comments to yesterday. Critically, the central bank doesn't have enough certainty around attaining the price goals yet (BBG).
• Earlier the BoJ summary of opinions from the October policy meeting produced a wide variety of views and justification for the YCC shift, but didn't shift the sentiment needle.
• Reuters noted an ex central bank executive suggests the BoJ may end negative rates in January of next year (see this link for more details).
• In the cash JGB space, yields are mostly lower. 10yr sits at 0.84%, for swaps it is a similar story, the 10yr at 1.01%.
• 30yr debt supply saw a 3.60 bid to cover ratio, the highest since Jan 2022 (see this BBG link). Earlier sell-side analysts noted Japan lifers may support this debt sale.
• Tomorrow on the data calendar we just have Oct money supply figures.