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Futures Soften Post-CPI, Losses Contained By Low Prospect Of BoJ Action

JGBS

JGB futures have eased from late overnight levels on the back of slightly firmer than expected national core CPI data, although the contract is back from lows, probably given the focus on previous BoJ rhetoric, which foretold such a move (in rough absolute terms), while the Bank has played down the need to tweak its policy settings given the cost-push nature of the currently inflationary impulse. The BoJ remains focused on facilitating a rebound in economic growth and fostering an environment that will generate sustained underlying inflationary pressure. JGB futures last print at unchanged levels, 5 ticks off session lows. Early cash JGB trade sees benchmark yields run within -/+0.5bp of Thursday’s closing levels. As a reminder, 20-Year JGB supply provides the headline event during the remainder of today’s local session.

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JGB futures have eased from late overnight levels on the back of slightly firmer than expected national core CPI data, although the contract is back from lows, probably given the focus on previous BoJ rhetoric, which foretold such a move (in rough absolute terms), while the Bank has played down the need to tweak its policy settings given the cost-push nature of the currently inflationary impulse. The BoJ remains focused on facilitating a rebound in economic growth and fostering an environment that will generate sustained underlying inflationary pressure. JGB futures last print at unchanged levels, 5 ticks off session lows. Early cash JGB trade sees benchmark yields run within -/+0.5bp of Thursday’s closing levels. As a reminder, 20-Year JGB supply provides the headline event during the remainder of today’s local session.