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Futures Push To Session Lows At Lunch, 30Y Yield AT highest level Since 2013

JGBS

At the Tokyo lunch break, JGB futures have extended the move into negative territory, -17 compared to settlement levels, despite Tokyo CPI data printing lower than expected for the core and core-core measures. August's annual industrial production and retail sales did, however, print on the high side of expectations. Later today sees Housing Starts and Consumer Confidence data.

  • The cash JGB curve has bear-steepened, with yields 0.3bp to 1.3bps higher. The benchmark 10-year yield is 1.0bp higher at 0.771%, above BOJ's YCC soft limit of 0.50% but below its hard limit of 1.0%. It is also just below the cycle high of 0.774% set today.
  • The 30-year JGB has cheapened, sending the yield to the highest in a decade amid a selloff in global debt. The yield rose to 1.741% in Tokyo dealing today, a peak last seen in 2013, and follows the 20-year yield reaching the highest level since 2014 on Thursday. (See link)
  • Swap rates are slightly mixed across the curve. Swap spreads are tighter across maturities.
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