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Futures Towards The Bottom End Of This Week's Range, BoJ Out Today

JGBS

JGB futures sit back at 148.07, -1, post the Tokyo close. This is towards the bottom end of this week's range, although we are still seeing support on dips sub the 148.00 level.

  • The main focus today will be on the BoJ decision, see our full preview here. No major changes are expected.
  • In terms of timing of the decision, from 3:30BST (11:30am local time) we will be on BoJ watch, although note the Apr decision came out later, around 05:00 BST.
  • In the US space, TYU3 sits close to Thursday highs in last dealings, 113-16, +02, while US yields finished Thursday's session lower, the 10yr back to 3.72%, 2yr to 4.64%. Initial jobless claims rose again, although other data was mixed.
  • For Japan, cash JGB yields settled just under 0.43% for the 10yr yesterday, while in the swap space the 10yr closed near 0.60%, not too far off recent highs.
  • Locally, the other focus point is that the opposition party is expected to file a no-confidence motion today, but PM Kishida has stated he won't dissolve the current parliament session, easing speculation of an early election.
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