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JGBS: Cash Bonds Slightly Richer, BOJ SOO Cautious, PM Vote Due

JGBS
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JGB futures remain stronger, +6 compared to settlement levels, after dealing in a narrow range in today’s Tokyo session. 

  • The BOJ’s summary of opinions for the Oct 30-31 meeting revealed that some board members believed the central bank must carefully consider policy interest rate hikes despite the board's view that it would gradually increase the rate.
  • Japan’s DPP will nominate its head Yuichiro Tamaki at the premiership vote after alleged marital infidelity. The party’s support for Tamaki means it is unlikely that Monday’s vote will select a new prime minister. (per BBG)
  • Cash US tsys are closed today for the Veterans Day holiday. Nevertheless, US tsy futures (TYZ4) are dealing heavily at 110-01, down 0-08 from Friday's close.
  • Cash JGBs are flat to 1bps across benchmarks. The benchmark 10-year yield is 0.3bp at 1.006%.
  • The MOF’s auction of 10-year inflation-indexed bonds showed solid demand amid speculation that consumer prices will keep climbing. Bid-to-cover ratio for the sale of ¥250b of linkers maturing in March 2034 rose to 3.54 from 2.96 at the previous sale in August.
  • Swap rates are flat to 2bps higher. Swap spreads are wider.
  • Tomorrow, the local calendar will see M2 & M3 Money Stock and Machine Tool Orders data alongside BOJ Rinban operations covering 1-25-year OTR JGBs.
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JGB futures remain stronger, +6 compared to settlement levels, after dealing in a narrow range in today’s Tokyo session. 

  • The BOJ’s summary of opinions for the Oct 30-31 meeting revealed that some board members believed the central bank must carefully consider policy interest rate hikes despite the board's view that it would gradually increase the rate.
  • Japan’s DPP will nominate its head Yuichiro Tamaki at the premiership vote after alleged marital infidelity. The party’s support for Tamaki means it is unlikely that Monday’s vote will select a new prime minister. (per BBG)
  • Cash US tsys are closed today for the Veterans Day holiday. Nevertheless, US tsy futures (TYZ4) are dealing heavily at 110-01, down 0-08 from Friday's close.
  • Cash JGBs are flat to 1bps across benchmarks. The benchmark 10-year yield is 0.3bp at 1.006%.
  • The MOF’s auction of 10-year inflation-indexed bonds showed solid demand amid speculation that consumer prices will keep climbing. Bid-to-cover ratio for the sale of ¥250b of linkers maturing in March 2034 rose to 3.54 from 2.96 at the previous sale in August.
  • Swap rates are flat to 2bps higher. Swap spreads are wider.
  • Tomorrow, the local calendar will see M2 & M3 Money Stock and Machine Tool Orders data alongside BOJ Rinban operations covering 1-25-year OTR JGBs.