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Futures Showing Modest Positive Tone Early, 20yr Cash Yield Near 1.00%

JGBS

The early tone to JGB futures is a positive one, the Sep contract last at 148.22, +10. Wednesday highs sat at 148.28 in terms of the next potential upside target. This is slightly outperforming TYU3, which was last 112-30, holding relatively steady in early dealings.

  • In the cash JGB space, we are seeing slightly lower yields, with 20y down slightly over 1bp, last near 1.00%. This would be fresh lows back to mid May in yield terms. The 10yr is around 0.425%.
  • In the swap space, yields are mostly lower. The 10yr drifting back towards 0.58%.
  • On the data front,
  • May export growth was slightly better than expected, but still showed the softest y/y pace since early 2021. Weekly investment flow data showed offshore flows into Japan equities for the 11th consecutive week.
  • We also have BoJ Rinban operations 1-25 yrs later, and then a 3m bill sale this afternoon.
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