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JGBS: Richer But A Subdued Data-Light Session

JGBS
BulletAPACFixed Income BulletsJapanMarkets

JGB futures are stronger, +6 compared to the settlement levels.

  • Today, the local calendar was light.
  • Mitsubishi UFJ Chairman Kanetsugu Mike, speaking at the Global Financial Leaders’ Investment Summit in Hong Kong, stated that their house view anticipates the Bank of Japan raising policy rates to a "neutral rate" of 1% by March 2026. He also suggested the likelihood of one additional rate hike in the current fiscal year, which ends in March 2024. (per BBG)
  • Cash US tsys are ~1bp richer across benchmarks in today’s Asia-Pac session. On tap for today in the US: Building Permits, Housing Starts and KC Fed Schmid speaks on the economic outlook.
  • Hopes that the BOJ may skip a rate hike in December appear to have provided some support for the JGB market after yesterday’s remarks from Governor Ueda.
  • Cash JGBs are 1-2bps richer across benchmarks, with a slight flattening bias. The benchmark 10-year yield is 1.5bps lower at 1.068% versus the cycle high of 1.108%.
  • The swap curve has twist-steepened, pivoting at the 20-year, with rates 2bps lower to 2bps higher. Swap spreads are tighter out to the 7-year and wider beyond.
  • Tomorrow, the local calendar will see Trade Balance, Machine Tool Orders and Tokyo Condominiums for Sale data.
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JGB futures are stronger, +6 compared to the settlement levels.

  • Today, the local calendar was light.
  • Mitsubishi UFJ Chairman Kanetsugu Mike, speaking at the Global Financial Leaders’ Investment Summit in Hong Kong, stated that their house view anticipates the Bank of Japan raising policy rates to a "neutral rate" of 1% by March 2026. He also suggested the likelihood of one additional rate hike in the current fiscal year, which ends in March 2024. (per BBG)
  • Cash US tsys are ~1bp richer across benchmarks in today’s Asia-Pac session. On tap for today in the US: Building Permits, Housing Starts and KC Fed Schmid speaks on the economic outlook.
  • Hopes that the BOJ may skip a rate hike in December appear to have provided some support for the JGB market after yesterday’s remarks from Governor Ueda.
  • Cash JGBs are 1-2bps richer across benchmarks, with a slight flattening bias. The benchmark 10-year yield is 1.5bps lower at 1.068% versus the cycle high of 1.108%.
  • The swap curve has twist-steepened, pivoting at the 20-year, with rates 2bps lower to 2bps higher. Swap spreads are tighter out to the 7-year and wider beyond.
  • Tomorrow, the local calendar will see Trade Balance, Machine Tool Orders and Tokyo Condominiums for Sale data.