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Futures Recover Early Move Lower, But Hold Below Neutral, 30-Year Supply Up Next

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HomepageBond Market NewsBank of Japan (BOJ) Market NewsBulletMarketsFixed Income News

JGB futures recouped most of the early break through their overnight session base, after the move lower was presumably triggered by the firmer than expected wage data flagged earlier and Tokyo reaction to Monday’s weakening in core global FI markets. That left futures -19 at the lunch bell, while cash JGBs were 0.5bp richer to 0.5bp cheaper as the curve twist steepened.

  • BoJ matters continue to dominate with Finance Minister Suzuki being the latest Cabinet level official to push back against the idea that BoJ Deputy Governor Amamiya has been tapped to succeed outgoing Governor Kuroda. Meanwhile, Chief Cabinet Secretary Matsuno noted that the timing and method of BoJ appointments are a matter for the Diet.
  • Elsewhere, we saw comments surrounding last year’s intervention in FX markets on the part of the Japanese government, but there was little new information provided alongside the data, with Finance Minister Suzuki reiterating well-trodden rhetoric surrounding the FX market.
  • 30-Year JGB supply headlines domestically this afternoon.
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JGB futures recouped most of the early break through their overnight session base, after the move lower was presumably triggered by the firmer than expected wage data flagged earlier and Tokyo reaction to Monday’s weakening in core global FI markets. That left futures -19 at the lunch bell, while cash JGBs were 0.5bp richer to 0.5bp cheaper as the curve twist steepened.

  • BoJ matters continue to dominate with Finance Minister Suzuki being the latest Cabinet level official to push back against the idea that BoJ Deputy Governor Amamiya has been tapped to succeed outgoing Governor Kuroda. Meanwhile, Chief Cabinet Secretary Matsuno noted that the timing and method of BoJ appointments are a matter for the Diet.
  • Elsewhere, we saw comments surrounding last year’s intervention in FX markets on the part of the Japanese government, but there was little new information provided alongside the data, with Finance Minister Suzuki reiterating well-trodden rhetoric surrounding the FX market.
  • 30-Year JGB supply headlines domestically this afternoon.