Futures Pressured Earlier, 10yr Swap Back To 0.60%

JGB futures sit close to session lows at the time of writing, last at 148.04, -.22. Lows from late last week came in around 147.80, in terms of potential downside targets.

• In the cash bond space, yields are mostly higher in early trade, the 10yr 1bps higher to 0.435%, while the 7yr, last near 0.22%, is slightly firmer in yield terms. Only the 40yr is not seeing positive yield gains.
• It's a similar story in the swap space, 10yr back to 0.60% at the time of writing.
• Overall betas with respect to other core yield moves remains very low though. The US-JP 10yr swap spread continues to widen, last at +292bps.
• Local event risks remain very light today, with the local data calendar ramping up tomorrow ahead of Friday's BoJ decision.
• Tomorrow also has a 3month bill sale and BOJ bond purchase operations.