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Futures Stronger Overnight On Friday, BoJ Ueda & Uchida At BoJ-IMES Conference

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In post-Tokyo trade ahead of the weekend, JGB futures are stronger, closing +7 compared to settlement levels, after the US tsy 2/10 curve finished Friday at its most inverted level since December at -48bps. The curve twist-flattened, with yields 1bp higher (2-year) to 1bp lower (20-year). The 10-year yield met firm resistance at 4.50%, last seen May 14, closing at 4.465%.

  • UofM Consumer Sentiment was stronger than its preliminary reading, but Inflation Expectations retraced. Consumers’ Expectations for five-to-10 years of inflation decreased to 3.0%, from 3.1%, earlier in the month.
  • Meanwhile, US Durable Goods Orders rose a stronger-than-expected 0.7% in April (-0.8% est), although there was a downward revision to the previous month.
  • The US market is closed for the Memorial Day holiday today.
  • Locally, today's focus will largely be on comments from BoJ Gov Ueda and Deputy Gov Uchiha at the BoJ-IMES conference, while secondary interest will be on the release of the Leading & Coincident Indices.
  • The Japan 2-year to 10-year yield curve will flatten to 62bps by the end of the second quarter, from the current 67bps, based on Bloomberg surveys of market forecasts.
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In post-Tokyo trade ahead of the weekend, JGB futures are stronger, closing +7 compared to settlement levels, after the US tsy 2/10 curve finished Friday at its most inverted level since December at -48bps. The curve twist-flattened, with yields 1bp higher (2-year) to 1bp lower (20-year). The 10-year yield met firm resistance at 4.50%, last seen May 14, closing at 4.465%.

  • UofM Consumer Sentiment was stronger than its preliminary reading, but Inflation Expectations retraced. Consumers’ Expectations for five-to-10 years of inflation decreased to 3.0%, from 3.1%, earlier in the month.
  • Meanwhile, US Durable Goods Orders rose a stronger-than-expected 0.7% in April (-0.8% est), although there was a downward revision to the previous month.
  • The US market is closed for the Memorial Day holiday today.
  • Locally, today's focus will largely be on comments from BoJ Gov Ueda and Deputy Gov Uchiha at the BoJ-IMES conference, while secondary interest will be on the release of the Leading & Coincident Indices.
  • The Japan 2-year to 10-year yield curve will flatten to 62bps by the end of the second quarter, from the current 67bps, based on Bloomberg surveys of market forecasts.