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Futures Off Earlier Highs, BoJ Bond Ops Up Soon

JGBS

JGB futures sit off earlier highs, drawing selling interest on the opening move above 143.30. We were last 143.13, -.07 for JBM4.

  • Thursday lows came in at 142.87, which will be a focus on the downside. We are seeing a modest drift higher in US TSY futures (TYM4), but there isn't spilling over positively for JGBs at this stage.
  • The earlier data outcomes were close to expectations, with most focus on the Tokyo CPI outcome. It showed an as expected rise in y/y momentum (headline back to 2.2%), but the detail showed further slowing in some core measures and not much sequential rise in inflation pressures outside of a rise in utilities.
  • Coming up soon we have the BoJ bond buying ops for 3-5yrs, 5-10yr, 10-25yrs and over 25yrs. Recall on May 13 the central bank modestly scaled back buying, but the last 2 operations have been unchanged.
  • It has been a very steady start in the cash JGB space, the 10yr around 1.065%. In swaps, we are seeing higher rates, although more so towards the back end of the curve.
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