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JGBS: Holding Cheaper At Lunch Break, US PPI Later Today

JGBS
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At the Tokyo lunch break, JGB futures remain weaker, -21 compared to settlement levels.

  • Outside of the previously outlined PPI, there hasn't been much by way of domestic drivers to flag.
  • “Tariffs on imports from Japan and South Korea may be next on the agenda for US President Donald Trump as he looks to even the score with other nations holding trade surpluses following similar moves against China, ­analysts said.” (per SCMP via BBG)
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s aggressive post-CPI sell-off. Fed chair Powell cautioned against getting "excited" about yesterday's CPI report ahead of PPI (today 0830 ET), reminding that the latter report carries potentially different implications for the Fed's preferred PCE gauge: "The CPI reading was above almost every forecast.”
  • Cash JGBs are flat to 2.5bps cheaper across benchmarks, with the 7-10-year zone leading. The benchmark 10-year yield is 2.4bps at 1.367% after setting a fresh cycle high of 1.377%.
  • “The Japan 10-year real yields rose 1.8 basis points to -0.25% from the previous business day, according to Bloomberg. Real yields rose 14 basis points since the start of the year.”
  • Swap rates are ~1bp lower. Swap spreads are tighter.
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At the Tokyo lunch break, JGB futures remain weaker, -21 compared to settlement levels.

  • Outside of the previously outlined PPI, there hasn't been much by way of domestic drivers to flag.
  • “Tariffs on imports from Japan and South Korea may be next on the agenda for US President Donald Trump as he looks to even the score with other nations holding trade surpluses following similar moves against China, ­analysts said.” (per SCMP via BBG)
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s aggressive post-CPI sell-off. Fed chair Powell cautioned against getting "excited" about yesterday's CPI report ahead of PPI (today 0830 ET), reminding that the latter report carries potentially different implications for the Fed's preferred PCE gauge: "The CPI reading was above almost every forecast.”
  • Cash JGBs are flat to 2.5bps cheaper across benchmarks, with the 7-10-year zone leading. The benchmark 10-year yield is 2.4bps at 1.367% after setting a fresh cycle high of 1.377%.
  • “The Japan 10-year real yields rose 1.8 basis points to -0.25% from the previous business day, according to Bloomberg. Real yields rose 14 basis points since the start of the year.”
  • Swap rates are ~1bp lower. Swap spreads are tighter.