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JGBS: Cash Bonds Little Changed Ahead Of US NFP

JGBS
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JGB futures are weaker and sit near session lows, -20 compared to settlement levels.

  • Japan's new economy minister, Ryosei Akazawa, said on Friday that the timing of changes in the Bank of Japan's monetary policy should be aligned with the government's broader goal of exiting deflation. (per Reuters)
  • "The timing of various monetary policy changes is very important," Akazawa said in a press conference. "It's important that they are aligned with our policy priorities such as exiting from deflation and growth in wages and investments."
  • Cash US tsys are flat to 1bps richer in today’s Asia-Pac session after yesterday’s heavy session. All eyes have turned to nonfarm payrolls where growth is seen accelerating marginally to 150k in September after the weaker-than-expected 142k in August. That said, everyone remains on Middle East headlines watch.
  • Cash JGBs are little changed across benchmarks beyond the 1-year (+2.8bps). The benchmark 10-year yield is 0.5bp higher at 0.838%.
  • Swap rates are little changed out to the 10-year but 3-4bps higher beyond. Swap spreads are mixed.
  • On Monday, the local calendar will see Coincident & leading Indices alongside BoJ Rinban Operations covering 1-25-year JGBs.
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JGB futures are weaker and sit near session lows, -20 compared to settlement levels.

  • Japan's new economy minister, Ryosei Akazawa, said on Friday that the timing of changes in the Bank of Japan's monetary policy should be aligned with the government's broader goal of exiting deflation. (per Reuters)
  • "The timing of various monetary policy changes is very important," Akazawa said in a press conference. "It's important that they are aligned with our policy priorities such as exiting from deflation and growth in wages and investments."
  • Cash US tsys are flat to 1bps richer in today’s Asia-Pac session after yesterday’s heavy session. All eyes have turned to nonfarm payrolls where growth is seen accelerating marginally to 150k in September after the weaker-than-expected 142k in August. That said, everyone remains on Middle East headlines watch.
  • Cash JGBs are little changed across benchmarks beyond the 1-year (+2.8bps). The benchmark 10-year yield is 0.5bp higher at 0.838%.
  • Swap rates are little changed out to the 10-year but 3-4bps higher beyond. Swap spreads are mixed.
  • On Monday, the local calendar will see Coincident & leading Indices alongside BoJ Rinban Operations covering 1-25-year JGBs.