MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

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MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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JGBS: Cash Bonds Slightly Richer, BOJ Rinban Operations Due

JGBS
BulletAPACFixed Income BulletsJapanMarkets

In Tokyo morning trade, JGB futures are stronger, +22 compared to settlement levels, after reversing early weakness.

  • Japan's weekly outbound and inbound investment flows were negative across the board last week. Offshore investors sold local bonds, albeit only partially reversing the prior week's strong inflow. This continues the see-saw pattern of flows for this segment. Uncertainty around the BoJ outlook may be influencing such trends, with the past week seeing pricing for a Dec hike rise.
  • Japan investors sold offshore bonds for the second straight week. The trend here is clearer, with net outflows mostly dominating, as US firmer bond yields crimp global bond returns.
  • Today, the local calendar also sees BOJ Rinban operations covering 3-25-year and Inflation-Indexed JGBs. Tomorrow delivers a busier schedule headlined by Tokyo Nov CPI.
  • Cash US tsys are closed today ahead of the Thanksgiving holiday, with no data out until next week.
  • Cash JGBs are slightly mixed across benchmarks, with yields 2bps lower to 1bp higher. The benchmark 10-year yield is 1.5bps lower at 1.057% versus the cycle high of 1.108%.
  • The swaps curve has twist-steepened, with rates 1bp lower to 3bps higher.
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In Tokyo morning trade, JGB futures are stronger, +22 compared to settlement levels, after reversing early weakness.

  • Japan's weekly outbound and inbound investment flows were negative across the board last week. Offshore investors sold local bonds, albeit only partially reversing the prior week's strong inflow. This continues the see-saw pattern of flows for this segment. Uncertainty around the BoJ outlook may be influencing such trends, with the past week seeing pricing for a Dec hike rise.
  • Japan investors sold offshore bonds for the second straight week. The trend here is clearer, with net outflows mostly dominating, as US firmer bond yields crimp global bond returns.
  • Today, the local calendar also sees BOJ Rinban operations covering 3-25-year and Inflation-Indexed JGBs. Tomorrow delivers a busier schedule headlined by Tokyo Nov CPI.
  • Cash US tsys are closed today ahead of the Thanksgiving holiday, with no data out until next week.
  • Cash JGBs are slightly mixed across benchmarks, with yields 2bps lower to 1bp higher. The benchmark 10-year yield is 1.5bps lower at 1.057% versus the cycle high of 1.108%.
  • The swaps curve has twist-steepened, with rates 1bp lower to 3bps higher.