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Futures Stronger In Overnight Trade On Friday, BoJ Decision Tomorrow

JGBS

In post-Tokyo trade, JGB futures are richer, closing +9 compared to settlement levels, after US tsys finished the week off lows despite comments from SF Fed President, Mary Daly. She pushed back against market expectations for interest rate cuts soon, saying she needs to see more evidence that inflation is sustainably headed toward 2% before adjusting rates.

  • In the cash market, the curve flattened while outright yields pushed higher all week, the 2yr up 24bps to close at 4.384%, while the 10yr up 19bps to close at 4.122%.
  • There is a quiet start to the week ahead. In the US session later today, the Leading Index (prior -0.5%, est -0.3%) is out.
  • The local data calendar is empty today, with tomorrow's BoJ meeting the main focus this week. Expectations are fairly low in terms of meaningful shifts, with most focus on the April policy meeting in terms of a shift away from negative rates.
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