Free Trial

JGBS: Slightly Richer, Awaiting BoJ Adachi Speech

JGBS

In Tokyo morning trade, JGB futures are holding overnight gains, +22 compared to settlement levels.

  • Core machine orders -3.4% y/y; est. +3.8% (est. range -1% to +9%, 18 economists).
  • Public support for Japanese Prime Minister Shigeru Ishiba’s cabinet was 44% in its first NHK poll, 5 ppts below the poll’s inaugural rating for predecessor Fumio Kishida. (per BBG)
  • The local calendar also sees a speech by BoJ Board Adachi in Kagawa at 1030 JT.
  • Cash US tsys are slightly cheaper in today’s Asia-Pac session after yesterday’s bull-flattener. Today’s US calendar includes September import/export prices - which feed into the Fed's preferred PCE inflation gauge - and a Fox interview with Vice President Harris.
  • Cash JGBs are flat to 1bp richer across benchmarks beyond the 1-year (+3.0bps). The benchmark 10-year yield is 0.9bp lower at 0.964% versus the cycle high of 1.108%.
  • Swap rates are flat to 1bp lower. Swap spreads are wider in general.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.