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Little Changed After Digesting March’s BoJ Minutes

JGBS

At the Tokyo lunch break, JGB futures are firmer but at session lows, +6 compared to the settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined BoJ Minutes for the March meeting.
  • (MNI) Upside risk to prices is concerning despite its small risk, some Bank of Japan board members noted at the March 18-19 meeting which saw the end of the Bank's negative rate and yield curve control, the minutes showed Thursday. (See link)
  • Cash JGBs are little changed across the curve. The benchmark 10-year yield is 0.2bp higher at 0.893% versus the YTD high of 0.933%.
  • The swaps curve has twist-steepened, pivoting at the 20s, with rates -2bps to +2bps. Swap spreads are tighter out the 10-year and wider beyond.
  • Today, the local calendar will also see Consumer Confidence data alongside a Liquidity Enhancement Auction for 1-5-year OTR JGBs.
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