Futures Unwind Early Losses

Nothing much to really add to our previous bullet surrounding market moves, with JGB futures hitting the lunch bell +2, while JGB yields run little changed to ~1.5bp cheaper across the curve.

• Japanese Finance Minister Suzuki flagged an eventual round of fiscal spending that will require additional financing, while noting that initial fiscal measures to combat inflation will be funded out of reserve funds.
• Suzuki also flagged an expectation that the BoJ will manage monetary policy appropriately, but didn’t provide direct comment on BoJ policy matters, as is the norm, underscoring the need for different monetary policy settings in Japan vs. some of its major global counterparts.