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Futures Sit Slightly Off Session Highs

JGBS

JBU3 sits slightly below session highs, last 148.29, +.20. Session highs came in at 148.35, which is just below mid-May highs for the Sep futures contract at 148.41. We have seen positive spill over post China's PBoC 7-day repo cut. This has also been evident in terms of US futures, with TYU3 last at 113-19, +07. US cash Tsys yields are lower across the board.

  • For Japan Cash bonds we have seen a decent move lower in yield at the back end, 40yr off 3.5bps, 30yr nearly 2.5bps. The 10yr yield has ticked sub 0.42% in yield terms.
  • Swap rates are lower across the board, the 10yr down nearly 2bps to 0.5775%.
  • Earlier data on Q2 BSI industry activity showed a bounce from Q1 weakness, but this, along with an appearance in parliament by BoJ Governor Ueda hasn't shifted the sentiment needle today.
  • Japan accepted ¥496.6bn for enhanced liquidity bonds (bids were ¥1426.5bn), leaving the bid to cover ratio at 2.87, down slightly from the prior result (3.10).
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