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JGBS: Bull Flattener To End A Volatile Week, BoJ’s SoO On Monday

JGBS
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JGB futures are stronger but off session bests, +15 compared to settlement levels.

  • Outside of the previously outlined Household Spending and International Investment Flows, there hasn't been much by way of domestic drivers to flag. Coincident and Leading Indices for September have just printed slightly above expectations.
  • Finance Minister Katsunobu Kato said Japan will take appropriate action against any excessive forex moves, reiterating comments made by the chief currency official Thursday.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s strong reversal off Wednesday's post-election cheaps.
  • Cash JGBs have bull-flattened across benchmarks beyond the 1-year, with yields flat to 3bps lower. The benchmark 10-year yield is 1bp lower at 1.00% versus the cycle high of 1.108%.
  • Swap rates are flat to 1bp lower. Swap spreads are mostly wider.
  • Over the Weekend, BoJ Governor Ueda will join ECB officials in the closing event `Climate risks, adaptation and mitigation: what do central banks make of their economic effects?' at Green Swan Conference 2024.
  • On Monday, the local calendar will see the BoJ Summary of Opinions (Oct. MPM) alongside Current Account Balance and Bank Lending data. The MoF also plans to sell Y250bn of 10-year Inflation-Linked Bonds.
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JGB futures are stronger but off session bests, +15 compared to settlement levels.

  • Outside of the previously outlined Household Spending and International Investment Flows, there hasn't been much by way of domestic drivers to flag. Coincident and Leading Indices for September have just printed slightly above expectations.
  • Finance Minister Katsunobu Kato said Japan will take appropriate action against any excessive forex moves, reiterating comments made by the chief currency official Thursday.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s strong reversal off Wednesday's post-election cheaps.
  • Cash JGBs have bull-flattened across benchmarks beyond the 1-year, with yields flat to 3bps lower. The benchmark 10-year yield is 1bp lower at 1.00% versus the cycle high of 1.108%.
  • Swap rates are flat to 1bp lower. Swap spreads are mostly wider.
  • Over the Weekend, BoJ Governor Ueda will join ECB officials in the closing event `Climate risks, adaptation and mitigation: what do central banks make of their economic effects?' at Green Swan Conference 2024.
  • On Monday, the local calendar will see the BoJ Summary of Opinions (Oct. MPM) alongside Current Account Balance and Bank Lending data. The MoF also plans to sell Y250bn of 10-year Inflation-Linked Bonds.