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JGBS: Cash Bonds Cheaper With US Tsys, 20Y Supply Tomorrow

JGBS
APACJapanAustraliaBulletGlobalFixed Income BulletsRegionMarkets

JGB futures are holding an uptick, +1 compared to settlement levels, after giving back earlier gains. 

  • The International Monetary Fund on Tuesday lowered its forecast for Japan’s gross domestic product this year to 0.3% from the 0.7% made in July but raised its 2025 growth forecast to 1.1% from July’s 1.0%, the IMF’s World Economic Outlook showed.
  • Cash US tsys are 2-3bps cheaper in today’s Asia-Pac session after yesterday’s modest extension of Monday’s heavy session. Today’s US calendar will see MBA Mortgage Applications, followed by existing home sales & the Federal Reserve Beige Book.
  • Cash 2- to 40-year JGBs are flat to 1bps cheaper. The benchmark 10-year yield is 0.5bp higher at 0.983% versus the cycle high of 1.108%.
  • The 40-year JGB yield climbed to 2.542% today, its highest level in 16 years, amid growing speculation that the BoJ will push ahead with interest rate increases in the coming months. The yield is currently 0.9bp higher at 2.532%
  • Swap rates are little changed.
  • The local data calendar has been empty today. Tomorrow will see Oct preliminary PMIs and weekly investment flows alongside 20-year supply. 
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JGB futures are holding an uptick, +1 compared to settlement levels, after giving back earlier gains. 

  • The International Monetary Fund on Tuesday lowered its forecast for Japan’s gross domestic product this year to 0.3% from the 0.7% made in July but raised its 2025 growth forecast to 1.1% from July’s 1.0%, the IMF’s World Economic Outlook showed.
  • Cash US tsys are 2-3bps cheaper in today’s Asia-Pac session after yesterday’s modest extension of Monday’s heavy session. Today’s US calendar will see MBA Mortgage Applications, followed by existing home sales & the Federal Reserve Beige Book.
  • Cash 2- to 40-year JGBs are flat to 1bps cheaper. The benchmark 10-year yield is 0.5bp higher at 0.983% versus the cycle high of 1.108%.
  • The 40-year JGB yield climbed to 2.542% today, its highest level in 16 years, amid growing speculation that the BoJ will push ahead with interest rate increases in the coming months. The yield is currently 0.9bp higher at 2.532%
  • Swap rates are little changed.
  • The local data calendar has been empty today. Tomorrow will see Oct preliminary PMIs and weekly investment flows alongside 20-year supply.