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JGBS: Futures Overnight On Friday, BoJ SoO Due

JGBS
BulletAPACFixed Income BulletsJapanMarkets

In post-Tokyo trade on Friday, JGB futures closed slightly weaker, -3 compared to settlement levels, after US tsys US tsys finished Friday with modest losses. 

  • US tsys were little changed after the economic data but edged higher in yield later in the session. 10-year notes closed 2bp higher at 4.54%.
  • Financial markets were volatile into the global close amid conflicting news on the timing for implementing tariffs on US imports. Confirmation that tariffs would be set for Canada and Mexico at 25%, and China at 10%, and begin this week, saw equities retrace earlier gains.
  • Over the weekend, Canada and Mexico have announced retaliatory tariffs on the US. In addition, China has said it will take counteractive measures and file a lawsuit with the World Trade Organisation. Trade tensions will remain in focus as markets open for the week.
  • Trump has also threatened tariffs on the EU, with Japan not mentioned so far, at least as far as we can tell. It still may form part of the broader trade investigation, which the White House kicked off at the start of the Trump Presidency.
  • Today, the local calendar will see Jibun Bank PMI Mfg and BoJ Summary of Opinions for the January MPM alongside BoJ Rinban Operations for 1-5-year and 10-25-year JGBs.
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In post-Tokyo trade on Friday, JGB futures closed slightly weaker, -3 compared to settlement levels, after US tsys US tsys finished Friday with modest losses. 

  • US tsys were little changed after the economic data but edged higher in yield later in the session. 10-year notes closed 2bp higher at 4.54%.
  • Financial markets were volatile into the global close amid conflicting news on the timing for implementing tariffs on US imports. Confirmation that tariffs would be set for Canada and Mexico at 25%, and China at 10%, and begin this week, saw equities retrace earlier gains.
  • Over the weekend, Canada and Mexico have announced retaliatory tariffs on the US. In addition, China has said it will take counteractive measures and file a lawsuit with the World Trade Organisation. Trade tensions will remain in focus as markets open for the week.
  • Trump has also threatened tariffs on the EU, with Japan not mentioned so far, at least as far as we can tell. It still may form part of the broader trade investigation, which the White House kicked off at the start of the Trump Presidency.
  • Today, the local calendar will see Jibun Bank PMI Mfg and BoJ Summary of Opinions for the January MPM alongside BoJ Rinban Operations for 1-5-year and 10-25-year JGBs.