Issuance Worries To Appear?

JGB futures shed 2 ticks in the final overnight trading session of last week.

• A Nikkei article release late Friday noted that "the Japanese government's economic stimulus package, which is to be compiled on Nov. 19, is expected to swell to more than Y40tn in fiscal spending, reaching a nearly record level comparable to the one extended last April at the start of the COVID-19 pandemic." This goes a little beyond rough sell-side estimates of Y30tn that had been in place for some time. Futures were pressured on the release of the story but recovered from worst levels alongside U.S. Tsys. Local reaction to the story may see the curve come under bear steepening pressure, owing to concerns re: issuance.
• Note that Monday's local docket will see Q3, P GDP data hit, in addition to an address from BoJ Governor Kuroda.