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Futures Weaker And At Session Lows

JGBS

In Tokyo morning trade, JGB futures are weaker and at session lows, -30 compared to settlement levels.

  • There hasn’t been much in the way of domestic drivers other than the Jibun Bank Services and Composite PMIS, which printed slightly stronger at 53.8 and 52.1, respectively versus 53.3 and 51.8 previously.
  • Accordingly, JGBs have likely found direction from US tsys, which have extended overnight weakness in Asia-Pac trade. Cash US tsys are flat to 2bps cheaper across benchmarks, with a steepening of the curve.
  • The cash JGB curve has bear-steepened out to the 20-year, with yields 0.4bp to 2.2bps higher. The 30-40-year zone is 1.4bps cheaper. The benchmark 10-year yield is 2.0bps higher at 0.787%, above BOJ's YCC soft limit of 0.50% but below its hard limit of 1.0%. It is also a fresh cycle high.
  • The swap curve has also bear-steepened, with rates 0.3bp to 2.6bps higher. Swap spreads are generally wider.
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