JGB futures are down 20 ticks on the session...>

JGBS: JGB futures are down 20 ticks on the session as the space retraces

yesterday's gains in line with a recovery in risk assets. Domestic and external

factors have seen JGB vol pick up sharply in recent days, with the Fed rate

decision coming after an emergency margin call by Japan Securities Clearing Corp

yesterday caused a major bearish reversal after 10year futures hit fresh

multiyear highs. 

- 10 year cash yields trade flat after recovering early losses to sit at 3.5bps,

while real yields continue their surge, last up 2bps at -23.3bps. Breakevens

have now dropped for 14 consecutive days.

- Attention turns to the BOJ monpol decision today and CPI data tomorrow.