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JGBS: Cash Curve Twist-Flattener At Lunch

JGBS
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At the Tokyo lunch break, JGB futures are holding an uptick, +3 compared to the settlement levels, after unwinding overnight weakness.

  • Japan's exports rose 5.6% to 8.441 trillion yen in August, while imports increased 2.3% to 9.137 trillion yen, narrowing the trade deficit by 26% to 695.29 billion yen.
  • Japan's machinery orders remained flat in July, with total orders received by 280 domestic manufacturers showing no change on a seasonally adjusted basis.
  • The Bank of Japan board will consider leaving its policy interest unchanged at 0.25% on Friday, with the upside risk to prices driven by high import costs – a key concern for policymakers in July – having fallen due to the yen's appreciation.
  • Cash US tsys are flat to 1bp richer in today’s Asia-Pac session after yesterday’s modest sell-off. Yesterday’s session reflected position squaring ahead of today’s FOMC policy announcement. The markets still project closer to a 50bp cut than a 25bp move from the Fed.
  • Cash JGBs are mixed, with yield swings bounded by +2.5bps (1-year) to -1bp (40-year). The benchmark 10-year yield is 0.4bp higher at 0.833% versus the recent low of 0.74%.
  • The swaps curve has twist-steepened, with rates 1bp lower to 4bps higher. Swap spreads are mixed.
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At the Tokyo lunch break, JGB futures are holding an uptick, +3 compared to the settlement levels, after unwinding overnight weakness.

  • Japan's exports rose 5.6% to 8.441 trillion yen in August, while imports increased 2.3% to 9.137 trillion yen, narrowing the trade deficit by 26% to 695.29 billion yen.
  • Japan's machinery orders remained flat in July, with total orders received by 280 domestic manufacturers showing no change on a seasonally adjusted basis.
  • The Bank of Japan board will consider leaving its policy interest unchanged at 0.25% on Friday, with the upside risk to prices driven by high import costs – a key concern for policymakers in July – having fallen due to the yen's appreciation.
  • Cash US tsys are flat to 1bp richer in today’s Asia-Pac session after yesterday’s modest sell-off. Yesterday’s session reflected position squaring ahead of today’s FOMC policy announcement. The markets still project closer to a 50bp cut than a 25bp move from the Fed.
  • Cash JGBs are mixed, with yield swings bounded by +2.5bps (1-year) to -1bp (40-year). The benchmark 10-year yield is 0.4bp higher at 0.833% versus the recent low of 0.74%.
  • The swaps curve has twist-steepened, with rates 1bp lower to 4bps higher. Swap spreads are mixed.