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JGBS: Little Changed, BOJ Ueda Remarks Due, Natl CPI Tomorrow

JGBS
BulletAPACFixed Income BulletsJapanMarkets

JGB futures are weaker, -14 compared to settlement levels.

  • Outside of the previously outlined weekly International Investment flows, there hasn't been much by way of domestic drivers to flag.
  • BoJ Governor Ueda delivers remarks around 2:10pm local time. "Remarks by Governor UEDA at the Paris EUROPLACE Financial Forum 2024 in Tokyo" per the BoJ website.
  • Cash US tsys are ~1bp richer in today’s Asia-Pac session after yesterday’s modest sell-off. Today in the US the focus will be on jobless claims and any pickup in activity in Ukraine/Russia.
  • Cash JGBs are little changed across benchmarks. The benchmark 20-year yield is 0.6bp higher at 1.900% after today’s supply.
  • The 20-year JGB auction delivered mixed results. While the low price missed dealer expectations, the cover ratio improved to 3.5233x from 3.0369x, and the auction tail shortened, indicating stronger demand. Today’s auction offered an outright yield 10bps higher than last month, despite the 10/20 yield curve remaining largely unchanged.
  • The swaps curve has bear-steepened, with rates 1bp lower to 3bps higher. Swap spreads are mixed.
  • Tomorrow, the local calendar will see National CPI and Jibun bank PMIs (P).
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JGB futures are weaker, -14 compared to settlement levels.

  • Outside of the previously outlined weekly International Investment flows, there hasn't been much by way of domestic drivers to flag.
  • BoJ Governor Ueda delivers remarks around 2:10pm local time. "Remarks by Governor UEDA at the Paris EUROPLACE Financial Forum 2024 in Tokyo" per the BoJ website.
  • Cash US tsys are ~1bp richer in today’s Asia-Pac session after yesterday’s modest sell-off. Today in the US the focus will be on jobless claims and any pickup in activity in Ukraine/Russia.
  • Cash JGBs are little changed across benchmarks. The benchmark 20-year yield is 0.6bp higher at 1.900% after today’s supply.
  • The 20-year JGB auction delivered mixed results. While the low price missed dealer expectations, the cover ratio improved to 3.5233x from 3.0369x, and the auction tail shortened, indicating stronger demand. Today’s auction offered an outright yield 10bps higher than last month, despite the 10/20 yield curve remaining largely unchanged.
  • The swaps curve has bear-steepened, with rates 1bp lower to 3bps higher. Swap spreads are mixed.
  • Tomorrow, the local calendar will see National CPI and Jibun bank PMIs (P).