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Futures Nudge Higher, Calendar Light

JGBS

JGB futures more than reverse the overnight downtick to be firmer in early Tokyo trade, +7 versus settlement levels. A thin domestic data calendar and a lack of supply-side drivers (JGB auctions and BoJ bond purchase operations) likely leave participants on headline watch ahead of US CPI later today.

  • Cash JGBs are richer across the curve, except in the 1-year zone which is 0.9bp cheaper. Yields are 0.2-1.4bp lower with the cash curve flatter. The benchmark 10-year yield is 0.8bp lower at 0.418%, below the BoJ's YCC limit of 0.50%.
  • The swaps curve bull flattens with swap spreads tighter out to the 10-year zone and wider beyond.
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