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Futures Off Highs, On Negative Spill Over From US & AU Moves

JGBS

JGB futures sit off session highs, last at 148.16, +4 for the break. Negative spill over has emerged from weaker US TYU3, which last sat at 112-25, -03. close to session lows. The better than expected jobs in Australia has aided US future moves. Cash US yields are also higher across the board (1.6-3.7bps firmer).

  • In the cash JGB bond space, yields have mostly reversed earlier weakness. The 20yr is back above 1.01%, while the 10yr sits close to 0.43%. In swaps, the themes are similar, 10yr back to 0.5960%. We remain comfortably within recent ranges though.
  • In terms of Rinban, the BoJ offered to buy ¥425bn in the 1-3yr JGB tenor, ¥575bn in the 5-10yr tenor, ¥200bn in the 10-25 tenor and ¥100bn for beyond 25yr. We also have a 3 month bill auction coming up in a little while.
  • The main domestic news flow has been around the FX rate, with USD/JPY getting to fresh YTD highs, which has seen fresh verbal jaw boning from the Japanese authorities, with the Cabinet Secretary warning against excessive FX moves.
  • Local media is also reporting that the opposition party is preparing a no-confidence motion for tomorrow, which could pave the way for an early election.
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