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JGBS Off Monday Highs, Labor Earnings Close To Expectations

JGBS

Post Tokyo trade, JGBs finished at 144.22, -.20. This was comfortably off session highs around 144.55 from earlier on Monday. US yields recovered from Friday lows, with consistent gains across the curve, which likely aided the offered tone.

  • On the data front, labor earnings for September were close to expectations. Nominal earnings rose 1.2% y/y in line with the forecast, but were revised lower for the prior outcome to +0.8%. In real terms, we came in at -2.4% y/y (-2.3% forecast and -2.8% prior). Household spending was -2.8%y/y, against a -2.9% forecast and -2.5% prior.
  • In the bond space we had 10yr yields finish yesterday at 0.883%, slightly above session lows. The 10yr swap was last at 1.065%, also above recent lows.
  • On the flow front today the MoF will sell ¥250bn of 10yr inflation linked bonds at 12:35pm local time.
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