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Futures Richer But Gains Pared During The Tokyo Session, 10Y Zone Underperforms

JGBS

In the Tokyo afternoon session, JGB futures are stronger at 148.16, +38 compared to settlement levels, but well off the post-Tokyo high (148.74) ahead of the weekend.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Jibun Bank PMI data.
  • The Japan breakeven inflation rate for the 10-year CPI-linked bonds rose 3 basis points to 1.168% on Monday from the previous business day, according to Bloomberg. The measure is headed for the biggest increase in two weeks. Breakevens have risen 32bp since the start of the year. (See link)
  • Cash JGBs are richer across the curve apart from the 10-year zone, which is dealing 1.5bp cheaper. The outperformer on the curve has been the 20-year zone, which is 1.8bp richer. The 40-year zone is 1.3bp richer at 1.485% ahead of tomorrow’s supply.
  • The swap curve has bear steepened with rates flat to 3.5bp higher. Swap spreads are wider across the curve.
  • Later today sees Department Store Sales data. Tomorrow the local calendar sees no data releases. The week’s highlight will be the BoJ policy meeting on Friday.
  • Globally, the calendar later today sees the release of S&P Global PMIs (Jul) along with the Chicago Fed Activity Index (Jun).
  • Tomorrow the MoF plans to sell Y700mn of 40-year JGBs.
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