JGB Futures Hit Multi-Week High, BoJ Rinban Ops & ACGB Supply Eyed

It has been a very apathetic start to the Asia-Pac session, with T-Notes last seen +0-00+ at 132-18+. Cash Tsy yields show only marginal deviations from neutral levels. Eurodollar futures run unch. to +0.5 tick through the reds. Regional equity benchmarks have faltered on a negative lead from Wall St., but that has come as no surprise.

• JGB futures caught a light bid from the off and last trade at 151.51, 13 ticks above Tuesday's settlement & hitting best levels since Mar 5. Cash JGB yields sit slightly lower across the curve, with the 5-10 sector outperforming. The BoJ will conduct Rinban ops covering 1-3 & 5-10 Year JGB today. Local news flow has revolved around reportedly imminent emergency declarations in Tokyo, Hyogo & Osaka, as well as Japan's plan to maintain its FY25 primary surplus target.
• Cash ACGB curve runs flatter, with yields last seen unch. to 3.5bp lower. YM trades +1.0 & XM sits +3.5. Bills are little changed, last -1 to +1 tick through the reds. The AOFM will auction A$1.2bn of ACGB May '30 at the top of the hour, with Australia's flash retail sales coming up half an hour later. Across the Tasman, the RBNZ's LSAP ops saw very light offers for NZGB Apr '33, but resultant pressure on the longer end of NZGB curve doesn't seem to have spilled over into ACGBs.