Japanese bond futures have had a strong........>

JGBS: Japanese bond futures have had a strong session, with the 10-year rallying

1.2bps to trade at 150.44, back above its 21-DMA. The contract has established a

higher low keeping the bullish trend intact and the focus on yesterday's high at

150.49. 

- 10-year breakevens continue their rally, rising another 0.6bps today to

46.1bps, which has seen real yields fall back to -37.4bps, falling 7bps from

their recent peak as expectations of BOJ tightening are being pared back. Bond

yields and inflation expectations have curiously traded in opposite directions

in recent days. 

- The Japan-US 10-year yield spread trades at 277.33bps.