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Futures Uptick Overnight, PMI Data Is Due, Rinban Operations Later

JGBS

In post-Tokyo trade, JGB futures have up ticked, closing +4 compared to settlement levels, after US tsys had a relatively light volume session ahead of the Jackson Hole forum on Friday.

  • US tsys finished 5bp cheaper to 4bp richer across the major benchmarks. The curve twist flattened, pivoting on 10s. The 2-year yield rose 5bp to 5.05%, a second straight session over 5% and is the highest since 5.12% on July 7. The US 10-year yield achieved a fresh 16-year high of 4.36%, before finishing 1bp lower on the day at 4.32%.
  • Trading desks are anticipating a hawkish tone from Fed Chair Powell at the economic summit in Jackson Hole that informally kicks off Thursday evening and runs through Saturday.
  • PM Kishida has called for a discussion of economic steps next month after ordering the ruling party to present options for fuel/gasoline price relief by the end of this month (See link).
  • On the data front today we have the August preliminary Jibun Bank PMI prints. There is no consensus, but manufacturing was 49.6 prior, and services 53.8.
  • Today the BoJ will conduct Rinban operations covering 1-5-year and 10-25-year JGBs.
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