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Light Steepening As Futures Unwind Overnight Uptick

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The cheapening in wider global core FI that we flagged before the Tokyo open, driven by some hawkish Fedspeak and the latest round of property market support out of China, has applied pressure to JGBs. That leaves the major cash benchmarks running flat to ~3bp cheaper, with the curve steepening (excluding 10s, which are little changed owing to their relative proximity to the upper end of the BoJ’s permitted trading band). Meanwhile, JGB futures have more than reversed gains lodged in the final overnight trading session of last week to sit -15. Domestic headline flow remains limited.

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The cheapening in wider global core FI that we flagged before the Tokyo open, driven by some hawkish Fedspeak and the latest round of property market support out of China, has applied pressure to JGBs. That leaves the major cash benchmarks running flat to ~3bp cheaper, with the curve steepening (excluding 10s, which are little changed owing to their relative proximity to the upper end of the BoJ’s permitted trading band). Meanwhile, JGB futures have more than reversed gains lodged in the final overnight trading session of last week to sit -15. Domestic headline flow remains limited.