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Futures Unwind Most Of Wednesday's Losses Ahead Of BoJ Tomorrow

JGBS

JGB futures have drifted higher today, last 144.19, -.02 for JBM4. Intra-session lows from Wednesday, post Tokyo trade, came in close to 144.00. Today we have unwound a good proportion of yesterday's sell off.

  • Focus clearly rests on tomorrow's BoJ meeting outcome, although no major changes are expected at this stage.
  • News flow has been light today, although FX markets remain a focus point, given fresh multi decade lows in the yen against the USD. We had familiar FX jaw boning from FinMin Suzuki before parliament today. Equity markets are also weaker, amid a negative lead from US tech futures.
  • JGB yields are drifting lower, the 10yr last under 0.89%, after making highs back to Nov last year yesterday. The 30 and 40yr tenors are also down by 1-2bps.
  • Swaps are all lower in yield terms for 2 to 10yr tenors. The 10yr last at 0.975%.
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