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Futures Richer & At Session Highs, National CPI For March Tomorrow

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JGB futures are holding stronger and at the top of today’s range, +23 compared to the settlement levels.

  • Tertiary Industry Index for February printed +1.5% m/m versus +0.5% est and -0.5% (revised) prior. Today, the local calendar also sees later Tokyo Condominiums for Sale and Machine Tool Orders.
  • (MNI ICYMI) BoJ board member Asahi Noguchi said on Thursday that the pace of raising the policy interest rate will be very slow as it takes considerable time for inflation to continue increasing as a trend.
  • The BoJ must maintain accommodative monetary policy not only to keep favourable labour market conditions but also to achieve its inflation target, he added.
  • Noguchi was against ending the negative interest rate and yield curve control policy simultaneously at the March meeting, he told business leaders in Saga City.
  • The cash JGB curve has slightly bull-flattened, with yields flat to 2bps lower. The benchmark 10-year yield is 0.2bp lower at 0.881% versus the YTD high of 0.891% set yesterday.
  • Swap rates are ~1bp lower across maturities. Swap spreads are tighter out to the 10-year and wider beyond.
  • Tomorrow, the local calendar will see National CPI data for March.
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JGB futures are holding stronger and at the top of today’s range, +23 compared to the settlement levels.

  • Tertiary Industry Index for February printed +1.5% m/m versus +0.5% est and -0.5% (revised) prior. Today, the local calendar also sees later Tokyo Condominiums for Sale and Machine Tool Orders.
  • (MNI ICYMI) BoJ board member Asahi Noguchi said on Thursday that the pace of raising the policy interest rate will be very slow as it takes considerable time for inflation to continue increasing as a trend.
  • The BoJ must maintain accommodative monetary policy not only to keep favourable labour market conditions but also to achieve its inflation target, he added.
  • Noguchi was against ending the negative interest rate and yield curve control policy simultaneously at the March meeting, he told business leaders in Saga City.
  • The cash JGB curve has slightly bull-flattened, with yields flat to 2bps lower. The benchmark 10-year yield is 0.2bp lower at 0.881% versus the YTD high of 0.891% set yesterday.
  • Swap rates are ~1bp lower across maturities. Swap spreads are tighter out to the 10-year and wider beyond.
  • Tomorrow, the local calendar will see National CPI data for March.