Futures Pare Early Overnight Losses, Foreginers Shed JGB Futures, Again

JGB futures generally followed the broader ebb & flow of wider global core FI trade in overnight hours, correcting from early lows to finish -2 vs. settlement, marginally shy of best levels.

• Japan Exchange data revealed that foreigners extended their net selling of JGB futures to 3 consecutive weeks (covering the week ending 25 Feb), shedding a further ~1.7K contracts last week.
• There hasn’t been much in the way of meaningful domestic headline flow since Thursday’s Tokyo close.
• Local labour market data has just crossed, with an unexpected, modest 0.1ppt uptick in the unemployment rate observed in January (2.8%), while the job-to-applicant ratio unexpectedly ticked higher (to 1.20x from 1.16x in Dec).