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Holding Cheaper At Lunch In A News Light Session

JGBS

At the Tokyo lunch break, JGB futures were weaker, -44 compared to the settlement levels.

  • Outside of the previously outlined Money Stock data, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session, after yesterday’s jobless claims-induced sell-off.
  • Given the lack of domestic data today and the strength in US tsys, today’s price action in JGBs appears to be related to the realisation that the BoJ intends to continue to tighten policy notwithstanding the BoJ Deputy Governor’s recent dovish comments.
  • The cash JGB curve has bear-flattened, with yields flat to 7bps higher. The benchmark 10-year yield is 5.0bps higher at 0.900% versus the cycle high of 1.108%.
  • Swaps are slightly mixed, with rate movements bounded by +/- 3bp. Swap spreads are tighter.
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