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Futures Nudge Lower Overnight, Politics Dominates Weekend Headline Flow


JGB futures shed a modest 10 ticks in the final overnight trading session of last week, with the latest U.S. NFP report providing the bearish impulse in post-Tokyo dealing. Note that the contract finished off of worst levels and may come under some modest pressure in early Tokyo trade as participants react to Friday’s moves in the wider core global FI space.

  • When it comes to local matters, weekend reports in the Nikkei have indicated that Prime Minister Kishida will announce a cabinet reshuffle on Wednesday, with Defense Minister Nobuo Kishi set to be replaced.
  • Elsewhere, recently departed BoJ board member Kataoka (who had become the guaranteed dovish dissenter when it came to BoJ decisions) told the FT that Japan needs to pursue bolder monetary and fiscal stimulus to seize “a once-in-a-lifetime opportunity” from global inflationary pressures in order to end its war on deflation.
  • Neither of these stories should have a meaningful impact on the space.
  • When it comes to today’s local docket, BoP data and the latest economy watchers survey provide the highlights on Monday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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