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Holding A Bull-Flattener, BoJ Rinban Operations Tomorrow

JGBS
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JGB futures are stronger and near session highs, +16 compared to the settlement levels.

  • May’s tertiary activity index fell 0.4% m/m versus +0.1% est.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session, after yesterday’s modest bear-steepening.
  • Today, the US calendar will see Retail Sales and Import/Export Prices data, and upcoming earnings from Bank of America, Charles Schwab, State Street and Morgan Stanley.
  • The cash JGB curve has bull-flattened, with yields 1-4bps lower. The benchmark 10-year yield is 3.6bps lower at 1.029% versus the cycle high of 1.108%.
  • Swap rates are flat to 3bps lower, with the curve flatter and swap spreads wider.
  • Tomorrow, the local calendar is empty apart from BoJ Rinban Operations covering 1-3-year and 5-25-year JGBs.
  • (Bloomberg) Japan’s debt position argues for a weak yen and accommodative monetary policy as inflation boosts the nation’s capacity to repay its creditors. (See link)
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JGB futures are stronger and near session highs, +16 compared to the settlement levels.

  • May’s tertiary activity index fell 0.4% m/m versus +0.1% est.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session, after yesterday’s modest bear-steepening.
  • Today, the US calendar will see Retail Sales and Import/Export Prices data, and upcoming earnings from Bank of America, Charles Schwab, State Street and Morgan Stanley.
  • The cash JGB curve has bull-flattened, with yields 1-4bps lower. The benchmark 10-year yield is 3.6bps lower at 1.029% versus the cycle high of 1.108%.
  • Swap rates are flat to 3bps lower, with the curve flatter and swap spreads wider.
  • Tomorrow, the local calendar is empty apart from BoJ Rinban Operations covering 1-3-year and 5-25-year JGBs.
  • (Bloomberg) Japan’s debt position argues for a weak yen and accommodative monetary policy as inflation boosts the nation’s capacity to repay its creditors. (See link)