Futures Spike Post Lunch-Time Break, But Remain Within Week To Date Range

JGB futures have spiked higher in the first part of the afternoon session, as markets react to the BoJ's on hold outcome. We hit a high of 148.39, but now sit slightly lower at 148.32, +24. We were sub 148.00 before the lunch time break.

• These moves keep us within recent ranges though. Earlier highs in the week for the Sep future were also at 148.39.
• In the cash bond space, yields are lower across the curve. The 7-30yr bracket saw a 2bp dip, although we are slightly away from these extremes now. The 10yr benchmark to 0.41%, while the 40yr is down by around 3.5bps to 1.36%.
• Similar trends are evident in the swap space, the 10yr back to 0.57%, now off 3.5bps at the time of writing.