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Futures Slightly Higher Overnight, BoJ Rinban Operations Today

JGBS

In post-Tokyo trade, JGB futures are slightly stronger, closing +5 compared to settlement levels, after US tsys twist-steepened, with benchmark yields 3bps lower to 1bp higher. The US calendar is light this week.

  • US tsys had strengthened early in line with EGBs following a larger than expected 25bp reduction in China’s 5Y LPR during Asia-Pac hours and softer ECB Q4 negotiated wages to 4.5% from 4.7%.
  • Elsewhere, Canadian CPI inflation data for January printed an annual headline rate of 2.9%, putting it back within the target range, with the average of trimmed mean and median measures falling to 3.35%.
  • (Bloomberg) -- BoJ Executive Director Seiichi Shimizu says that financial conditions will probably stay accommodative even after authorities end the negative interest rate policy given the bank’s current economic outlook. (See link)
  • Today, the local calendar sees Trade Balance and Machine Tool Orders data, along with BoJ Rinban operations covering 1-10-year JGBs.
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