Futures Unchanged In Post-Tokyo Trade Ahead Of Weekend

In post-Tokyo trade, JGB futures are little changed, closing +1 compared to settlement levels, after cash US tsys finished trading ahead of the weekend 2-7bp cheaper across major benchmarks. US tsys were moderately pressured through Friday's session following stronger-than-expected UofMich consumer sentiment.

• A reminder that cash tsys are closed today due to the observance of a US national holiday.
• The BoJ remained an outlier amongst global Central Banks by leaving the policy rate unchanged at - 0.1%, and the yield curve target for 10-year JGBs unchanged, at Friday's meeting. Whilst the next policy meeting in July is expected to deliver a higher inflation forecast, BoJ Governor Ueda still stressed the dangers of moving away from easy policy settings prematurely (see this link for more details). He did leave the door ajar for policy shifts though, stating as new data comes in it will be elevated and that could lead to a different policy outcome from prior meetings.
• Bloomberg reported, ICYMI, that Daiwa Securities chief economist Toru Suehiro believes the BOJ may keep yield-curve control in place until 2025. (see this link for more details).
• The local calendar is thin today with only Tokyo Condominiums For Sale as the only release.