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Limited Upside Follow Through, Ueda And BoJ Buying Ops Still To Come

JGBS

JGB futures (JBM4) sit a touch firmer in the first part of Friday dealing, last at 145.43, +.02. Highs for the session rest at 145.54. We have seen some support sub 145.40 over the past 24 hours.

  • Two supports for JGB futures have been evident this morning. Firstly, we had the slightly weaker than expected national CPI print. The other support has been a modest bid to US Tsy futures, with TYM4 up +02 at this stage.
  • Still, upside follow through has been limited and we remain comfortably within recent ranges for JGB futures.
  • In the cash JGB space it has been a relatively steady start. The 2yr yield has edged higher a touch, last at 0.20%, while the 10yr is unchanged at 0.74%. The 10yr swap is down slightly, just under 0.88%.
  • We still have BoJ Governor Ueda appearing before local parliament in just over an hour. Before that BoJ bond buying ops are out. Later on we have a 3 month bill auction.
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