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Bear steepening

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JGB futures finished the overnight session 6 ticks above Tokyo settlement levels, even as the U.S. Tsy space bear steepened.

  • The bid was likely aided by local press suggestions that Tokyo will see its state of emergency extended through the end of August, with the same holding true for Okinawa. The reports also pointed to the declaration of a state of emergency in Osaka, Kanagawa, Chiba & Saitama over the same horizon (which didn't come as a real surprise given recent commentary/speculation).
  • Today's local docket will be headlined by the usual slew of month-end data, with the labour market report, preliminary industrial production and retail sales data all due to be released.