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JGBS: Futures Slightly Weaker Overnight

JGBS
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

In post-Tokyo trade, JGB futures are slightly weaker, -2 compared to settlement levels. 

  • The cash US tsy market was closed on Monday but futures (TYZ4) were weaker.
  • The S&P 500 reset its record high (6017.31), though it failed to hold its early advance. Tesla was ~9% higher. The Russell 2000 Index was up ~1.5%, reaching its highest level since 2021. 
  • Prime Minister Shigeru Ishiba secured re-election as Japan's prime minister in a special session of the National Diet (the two chambers of Japan's parliament) on Monday. Ishiba's LDP coalition is in a weakened position and we govern via minority. This will mean that they will rely on the support of minor parties to pass legislation, with the DPP likely to play a key role. (See link)
  • Support for low-income households is expected to be part of the government's near-term economic stimulus measures per NHK (See link).
  • Today, 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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In post-Tokyo trade, JGB futures are slightly weaker, -2 compared to settlement levels. 

  • The cash US tsy market was closed on Monday but futures (TYZ4) were weaker.
  • The S&P 500 reset its record high (6017.31), though it failed to hold its early advance. Tesla was ~9% higher. The Russell 2000 Index was up ~1.5%, reaching its highest level since 2021. 
  • Prime Minister Shigeru Ishiba secured re-election as Japan's prime minister in a special session of the National Diet (the two chambers of Japan's parliament) on Monday. Ishiba's LDP coalition is in a weakened position and we govern via minority. This will mean that they will rely on the support of minor parties to pass legislation, with the DPP likely to play a key role. (See link)
  • Support for low-income households is expected to be part of the government's near-term economic stimulus measures per NHK (See link).
  • Today, the local calendar will see M2 & M3 Money Stock and Machine Tool Orders data alongside BOJ Rinban operations covering 1-25-year OTR JGBs.