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JGBS: Futures At Session Highs Despite BoJ Nakagawa’s Hawkish Comments

JGBS

At the Tokyo lunch break, JGB futures stronger and at session highs, +38 compared to the settlement levels.

  • BoJ Board Member Junko Nakagawa says “The Bank of Japan will continue to adjust the degree of easing in its policy settings if the economy and prices perform in line with expectations.” (per BBG)
  • The yen gained to the strongest level versus the dollar since January after the comments.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s bull-steepener. The US presidential debate is underway. After this, the US market will focus on tomorrow’s CPI and Thursday’s PPI inflation measures. Core non-housing service inflation is expected to see at least a repeat of the 0.21% M/M from July, with six analysts between 0.20-0.35% M/M.
  • Cash JGBs are richer across benchmarks, with the belly leading. Yields are 1bp higher (1-year) to 3bps lower (10-year).
  • The swaps curve has bull-flattened, with rates flat to 2bps lower. Swap spreads are wider out to the 30-year.
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