MNI China Daily Summary: Thursday, December 12

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Futures Off Post BoJ Highs

JGBS

Futures are around mid range in terms of post lunch break moves. We last sat at 148.27, +19, after a range of 148.18/39 post the break, The positive bias is consistent with an unchanged BoJ stance (which hit the wires during the break), but we haven't breached earlier highs from Wednesday this week (148.39).

  • JGB futures are outperforming US Tsy futures, with TYU3 last sitting a touch heavier at 113-12, -02.
  • In the cash JGB space, we remain well within recent ranges. Post BoJ extremes have been faded in yield terms. The 10yr currently sits close to 0.415%, while the 40yr is back near 1.39%, we got sub 1.36% earlier.
  • For swaps, yields are still lower across the benchmark, the 10yr back under 0.58%.
  • Looking ahead, the focus will be on Ueda's press conference at 07:30BST.
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