Futures Nudge Higher, Curve Twist Steepens

JGB futures have extended on their overnight uptick, but sit a touch shy of best levels, last +11 on the day, while the cash JGB curve has been subjected to some twist steepening (aided by the U.S. Tsy curve dynamic on Monday?), with 30s and 40s cheapening by 0.5-1.0bp. Note that 10s provide the firmest point across the curve, with BoJ Governor Kuroda once again reaffirming the Bank’s commitment to its YCC settings. Elsewhere, Kuroda described the recent move in the JPY as “somewhat rapid,” while outlining the well-defined thought process of the BoJ when it comes to inflation, in the short-term, alongside its view that persistent easing remains necessary.