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Futures Stronger As Trading Resumes After Long Weekend

JGBS

In Tokyo morning trade, JGB futures are higher, +14 compared to settlement levels, after being closed on Friday.

  • January’s Services PPI rose 2.1% y/y versus expectations of an unchanged rate of 2.4%. National CPI data for January is due tomorrow.
  • The cash JGB curve has bull-flattened, with yields flat to 2.0bps lower. The benchmark 10-year yield is 1.5bps lower at 0.706% versus the Nov-Dec rally low of 0.555%.
  • (Bloomberg) -- The Japan 2-year to 10-year yield curve will steepen to 64bps by the end of the first quarter, from the current 55bps, based on Bloomberg surveys of market forecasts.
  • (Bloomberg Economics) -- Japan’s core CPI inflation (excluding fresh food) likely slowed to 1.9% year on year in January from 2.3% in December. That would mark the first time since March 2022 for the core CPI to undershoot the Bank of Japan’s 2% target. (See link)
  • The swaps curve has also bull-flattened, with rates flat to 2bps lower. Swap spreads are tighter out to the 30-year.
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