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Futures Swing Into Positive Territory, Light Local Calendar

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In Tokyo morning trade, JGB futures are slightly stronger, +8 compared to settlement levels.

  • The local data calendar is light today, with just April Tokyo condominiums for sale on tap.
  • (Bloomberg) Japan’s Minister of Finance Shunichi Suzuki says large wage increases agreed upon this spring during annual negotiations between unions and companies will help dispel the deflationary mindset in Japan. (See link)
  • US tsys have opened slightly richer in today’s Asia-Pac session, partially unwinding yesterday’s modest sell-off. The US data calendar is light until mid-week, with the focus on the minutes from the May 1 FOMC on Wednesday.
  • Cash JGBs are slightly mixed, with yield movements bounded by +/-1bp. The benchmark 10-year yield is 0.5bp lower at 0.975% after reaching 0.981% yesterday, its highest level since 2013, on speculation of further BoJ rate hikes and reduced debt-purchase amounts at operations.
  • Swaps are slightly richer, with rates flat to 0.6bp lower. Swap spreads are mixed.
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In Tokyo morning trade, JGB futures are slightly stronger, +8 compared to settlement levels.

  • The local data calendar is light today, with just April Tokyo condominiums for sale on tap.
  • (Bloomberg) Japan’s Minister of Finance Shunichi Suzuki says large wage increases agreed upon this spring during annual negotiations between unions and companies will help dispel the deflationary mindset in Japan. (See link)
  • US tsys have opened slightly richer in today’s Asia-Pac session, partially unwinding yesterday’s modest sell-off. The US data calendar is light until mid-week, with the focus on the minutes from the May 1 FOMC on Wednesday.
  • Cash JGBs are slightly mixed, with yield movements bounded by +/-1bp. The benchmark 10-year yield is 0.5bp lower at 0.975% after reaching 0.981% yesterday, its highest level since 2013, on speculation of further BoJ rate hikes and reduced debt-purchase amounts at operations.
  • Swaps are slightly richer, with rates flat to 0.6bp lower. Swap spreads are mixed.