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JGBS: Cash Bond Yields Mostly Lower, US Retail Sales Later Today

JGBS
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JGB futures are stronger, currently mid-range, trading at +16 compared to settlement levels following yesterday’s public holiday.

  • (MNI) The BoJ board will consider leaving its policy interest unchanged at 0.25% when it hands down its decision on Friday, despite the belief among policymakers that the economy and prices are largely moving in line with projections.
  • The upside risk to prices driven by high import costs – a key concern for policymakers in July – has fallen due to the yen's appreciation, allowing the Bank more time to watch price moves without the need to raise the policy rate for now.
  • Cash US tsys are flat to 1bp cheaper in today’s Asia-Pac session. Today's  US calendar sees Retail Sales, Industrial Production and a 20y bond auction.
  • The cash JGB curve continues to hold a twist-flattening, pivoting at the 2-year, with yields 1.8bps higher to 3.1bps lower.
  • Swap rates are flat to 1bp lower out to 30-year and 2bps higher beyond. 
  • The local data calendar has been light today, with the July tertiary industry index due later.
  • Tomorrow, the local calendar will see Trade Balance and Core Machine Orders data alongside 1-year supply and BoJ Rinban Operations covering 1-25-year JGBs.  
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JGB futures are stronger, currently mid-range, trading at +16 compared to settlement levels following yesterday’s public holiday.

  • (MNI) The BoJ board will consider leaving its policy interest unchanged at 0.25% when it hands down its decision on Friday, despite the belief among policymakers that the economy and prices are largely moving in line with projections.
  • The upside risk to prices driven by high import costs – a key concern for policymakers in July – has fallen due to the yen's appreciation, allowing the Bank more time to watch price moves without the need to raise the policy rate for now.
  • Cash US tsys are flat to 1bp cheaper in today’s Asia-Pac session. Today's  US calendar sees Retail Sales, Industrial Production and a 20y bond auction.
  • The cash JGB curve continues to hold a twist-flattening, pivoting at the 2-year, with yields 1.8bps higher to 3.1bps lower.
  • Swap rates are flat to 1bp lower out to 30-year and 2bps higher beyond. 
  • The local data calendar has been light today, with the July tertiary industry index due later.
  • Tomorrow, the local calendar will see Trade Balance and Core Machine Orders data alongside 1-year supply and BoJ Rinban Operations covering 1-25-year JGBs.