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JGBS: Subdued Session, Light Calendar, BoJ Nakagawa Speech Tomorrow

JGBS

JGB futures have dealt in a narrow range after unwinding overnight strength, +3 compared to settlement levels.

  • Outside of the previously outlined M2 & M3 Money Supply, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after yesterday’s somewhat mixed performance. The focus is on this week's CPI and PPI inflation measures to help gauge next week's FOMC policy announcement.
  • Cash JGBs are slightly mixed beyond the 1-year (+1.7bps) across benchmarks, with yield movements bounded by +/- 1bp. The benchmark 5-year yield is 0.1bp lower at 0.524% after today’s supply.
  • Today's supply of 5-year bonds showed solid demand metrics, with the auction's low price meeting dealer expectations and the cover ratio increasing. The auction tail was also shorter.
  • Tomorrow, the local calendar will see a speech from BoJ Board Member Nakagawa in Akita alongside BoJ Rinban Operations covering 1-10-year and 25-year+ JGBs.
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GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

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