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JGBS: Futures Open Weaker, Light Local Calendar

JGBS
BulletAPACFixed Income BulletsJapanMarkets

In early Tokyo trade, JGB futures are weaker, -9 compared to settlement levels, after US tsys finished with a modest bull-steepener, with benchmark yields flat to 4bps lower. 

  • US Housing starts were soft while the release of the January FOMC minutes showed that some participants eyed a precautionary end to QT earlier than markets are anticipating.
  • The US 20Y Bond auction tailed by 1bp, a return to weak form after a strong prior sale in January.
  • Fed cut expectations ticked slightly higher, about 3bp for 2025.
  • The Financial Times reported that China’s holdings of US treasuries have fallen to the lowest level since 2009. Total holdings fell to US$759 billion, a decrease of US$57 billion in 2024.
  • Today, the local calendar will see weekly International Investment Flow data alongside the Auction for Enhanced-Liquidity 5-15.5-year.
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In early Tokyo trade, JGB futures are weaker, -9 compared to settlement levels, after US tsys finished with a modest bull-steepener, with benchmark yields flat to 4bps lower. 

  • US Housing starts were soft while the release of the January FOMC minutes showed that some participants eyed a precautionary end to QT earlier than markets are anticipating.
  • The US 20Y Bond auction tailed by 1bp, a return to weak form after a strong prior sale in January.
  • Fed cut expectations ticked slightly higher, about 3bp for 2025.
  • The Financial Times reported that China’s holdings of US treasuries have fallen to the lowest level since 2009. Total holdings fell to US$759 billion, a decrease of US$57 billion in 2024.
  • Today, the local calendar will see weekly International Investment Flow data alongside the Auction for Enhanced-Liquidity 5-15.5-year.