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JGBS: Cash Bond Bear Flattener, 10y Supply Tomorrow

JGBS
BulletAPACFixed Income BulletsJapanMarkets

JGB futures are weaker, -28 compared to the settlement levels, after trading in a relatively tight range for most of the session. 

  • JGBs were pressured early in the Tokyo session from comments made by BOJ Governor Kazuo Ueda in an interview with the Nikkei published on Saturday. Governor Ueda said further yen weakening with inflation above 2% might prompt the BOJ to take countermeasures. Ueda made no comment as to the timing of the next rate hike and warned of major uncertainties around the U.S. economy.
  • Outside of the previously outlined Jibun Bank PMI Mfg and Capex data, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are 3-5bps cheaper in today’s Asia-Pac session after Friday’s solid gains. This week's US calendar is headlined by the November payrolls report. We also hear from the Fed Powell, Waller & Williams and get ISM Services.
  • The cash JGB curve has bear-flattened, with yields flat to 3bps higher. The benchmark 10-year yield is 2.9bps higher at 1.077% ahead of tomorrow’s supply.
  • The swaps curve has bear-steepened, with rates 2-5bps higher. Swap spreads are mixed.
  • Tomorrow, the local calendar will see Monetary Base data alongside 10-year supply.
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JGB futures are weaker, -28 compared to the settlement levels, after trading in a relatively tight range for most of the session. 

  • JGBs were pressured early in the Tokyo session from comments made by BOJ Governor Kazuo Ueda in an interview with the Nikkei published on Saturday. Governor Ueda said further yen weakening with inflation above 2% might prompt the BOJ to take countermeasures. Ueda made no comment as to the timing of the next rate hike and warned of major uncertainties around the U.S. economy.
  • Outside of the previously outlined Jibun Bank PMI Mfg and Capex data, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are 3-5bps cheaper in today’s Asia-Pac session after Friday’s solid gains. This week's US calendar is headlined by the November payrolls report. We also hear from the Fed Powell, Waller & Williams and get ISM Services.
  • The cash JGB curve has bear-flattened, with yields flat to 3bps higher. The benchmark 10-year yield is 2.9bps higher at 1.077% ahead of tomorrow’s supply.
  • The swaps curve has bear-steepened, with rates 2-5bps higher. Swap spreads are mixed.
  • Tomorrow, the local calendar will see Monetary Base data alongside 10-year supply.