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JGBS: Richer, BoJ Noguchi Speech & 10Y Supply Tomorrow

JGBS
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

JGB futures are stronger but off session highs, +22 compared to settlement levels.

  • Outside of the previously outlined monetary base, the market has had comments from Japan's new PM and his LDP team to digest.
  • "I don't believe that we have completely overcome deflation at this point, and I still cannot deny the possibility of falling back" into deflation, Ryosei Akazawa, the minister in charge of economic revitalization, said at a news conference. (per BBG)
  • Cash US tsys are slightly cheaper in today’s Asia-Pac session after yesterday’s haven-induced rally. The US calendar will see MBA Mortgage Applications and ADP Employment Change data later today. Nevertheless, the market will remain on Middle East headlines watch.
  • Cash JGBs are richer across benchmarks beyond the 1-year, with yields 1-3bps lower. The benchmark 10-year yield is 2.6bps lower at 0.830% versus the cycle high of 1.108%.
  • The swap curve has twist-steepened, pivoting at the 10-year, with yields 1bp lower to 4bps higher. Swap spreads are wider.
  • The local calendar will see Jibun Bank Composite & Services PMIs tomorrow alongside 10-year supply. BoJ Board Noguchi will also give a speech in Nagasaki.
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JGB futures are stronger but off session highs, +22 compared to settlement levels.

  • Outside of the previously outlined monetary base, the market has had comments from Japan's new PM and his LDP team to digest.
  • "I don't believe that we have completely overcome deflation at this point, and I still cannot deny the possibility of falling back" into deflation, Ryosei Akazawa, the minister in charge of economic revitalization, said at a news conference. (per BBG)
  • Cash US tsys are slightly cheaper in today’s Asia-Pac session after yesterday’s haven-induced rally. The US calendar will see MBA Mortgage Applications and ADP Employment Change data later today. Nevertheless, the market will remain on Middle East headlines watch.
  • Cash JGBs are richer across benchmarks beyond the 1-year, with yields 1-3bps lower. The benchmark 10-year yield is 2.6bps lower at 0.830% versus the cycle high of 1.108%.
  • The swap curve has twist-steepened, pivoting at the 10-year, with yields 1bp lower to 4bps higher. Swap spreads are wider.
  • The local calendar will see Jibun Bank Composite & Services PMIs tomorrow alongside 10-year supply. BoJ Board Noguchi will also give a speech in Nagasaki.