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Futures Weaker At Lunch, JGB Curve Bear Steepens, Rinban Results Due

JGBS

At the Tokyo lunch break, JGB futures are weaker and just above session lows, -17 compared to settlement levels.

  • Today, the local calendar has been empty, apart from BOJ Rinban operations covering 1-10-year and 25-year+ JGBs. Results are due soon.
  • Cash US tsys are 1-2bps cheaper in the Asia-Pac session as the market ebbs towards the Thanksgiving holiday.
  • Bloomberg reported that Mizuho Securities strategist Shoki Omori believes yields on Japan’s long-dated government bonds may extend their recent declines after the “decent” 20-year debt auction on Tuesday. (See link)
  • The cash JGB curve has bear-steepened. The benchmark 10-year yield is 1.1bp higher at 0.714% versus the cycle high of 0.97% set in late October and the BOJ's 1% YCC reference rate. The 20-year yield is 3.3bps higher at 1.439%, partially reversing yesterday's post-20Y auction rally.
  • The swaps curve has bear-steepened too, with swap spreads wider.
  • A reminder that the local market is closed tomorrow for the Labour Thanksgiving holiday. National CPI is due for release on Friday.
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