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Futures Richer Overnight Friday, Light Local Calendar

JGBS

In post-Tokyo trade on Friday, JGB futures are richer, closing +12 compared to settlement levels, after US tsys finished the week on a strong note, with the short-end outperforming. Aggressive Fed rate cut expectations were revived by a cooler-than-expected PPI report which more than offset Thursday's slightly hotter CPI. Some haven demand also provided support for US tsys amid increased worries over tensions in the Red Sea after the U.S. and U.K. attacked Houthi targets in Yemen.

  • The 2-year US tsy yield closed down 10bps at 4.14%, 23bps richer on the week. The 10-year yield finished down 3bps to 3.94%, contributing to a steeper yield curve.
  • A reminder that the U.S. will observe the Martin Luther King Day public holiday on Monday, January 15. For FI futures: Globex will close at 1300ET on Monday and re-open at 1800ET, which precedes normal session hours on Tuesday.
  • Today, the local calendar is light with Money Stock M2 & M3 and Machine Tool Orders data as the highlights. The BoJ will also conduct Rinban Operations covering 1-3-year and 5-25-year JGBs.
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