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Breaches Key Short-Term Support


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Futures Soften Overnight


JGB futures shed 6 ticks in overnight trade, more than reversing the early post-Tokyo gains after the latest FOMC decision, aided by the subsequent twist steepening in U.S. Tsys.

  • It will be interesting to see if the impetus from the Tsy space halts/reverses the aggressive flattening trend seen over the last couple of sessions, with the likes of the 5-/40-Year yield curve pulling flatter after failing to breach cycle steeps.
  • Domestic news flow remains light, largely geared towards COVID matters, which hasn’t been impacting JGBs.
  • 2-Year JGB supply provides the highlight of a slim domestic docket on Thursday. Weekly international security flow will be examined to see if the recent trends continued (foreigner investors covering shorts in JGBs and Japan shedding foreign bonds).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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