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Futures Slightly Lower As 10Y US Tsy Sell-Off Continued

JGBS
In post-Tokyo trade, JGB futures are weaker, closing -6 compared to settlement levels, after US tsys finished 1-11bps cheaper across the major benchmarks. The 10-year US tsy yield is 10bp higher at 4.17%, the highest level since Nov’22. The 2/10 yield is steeper with the 2-year little changed. The yield curve has steepened for eight straight days taking it to -71bp from -105 at the start of last week.
  • The BoJ came into the market for the second time this week to slow gains in JGBs. According to Bloomberg, the buying operation Thursday also highlighted the challenge investors face interpreting a rates regime that is built on grey lines to let the BoJ be flexible rather than provide clarity for markets. (See link ICYMI)
  • Bloomberg reports that traders will probably continue to test the upside of JGB yields to gauge the extent of more flexible yield-curve control, according to Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank. (See link)
  • Today the local calendar is empty.
  • There is also a thin docket in Asia today. Further out we have the July NFP report which headlines Friday's session.
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