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Futures Settle After Opening Dip, Ueda To Speak On Christmas Day

JGBS

JGB futures have settled somewhat but remain close to session lows. JBH4 was last at 146.47, -.28. Earlier lows were at 146.42, while we finished Thursday trade near 146.60.

  • We had in line Nov CPI, although there were some pockets of strength on the services side, while the ex all food and energy measure isn't showing downside momentum in y/y terms yet (2.7%).
  • Speculation from the MUFG CEO around a possible BoJ exit in January has also likely added some weight in the futures space.
  • In the cash JGB space, the 10yr yield is 3bps higher, back to 0.615%. The 20yr yield is up 4bps to 1.33%. The 10yr swap rate is +2bps, back to 0.83% (against earlier lows this week of around 0.77%).
  • Still to come is the 3mth bill auction, as well as the enhanced liquidity auction.
  • Note as well BoJ Governor Ueda speaks on Christmas day at the Keidanren meeting in Tokyo (no time is given for the speech at this stage).
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