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Little Changed After PPI Data

JGBS

In Tokyo morning trade, JGB futures have upticked, +4 compared to settlement levels on Friday, after resuming trading following yesterday’s National Foundation Day holiday.

  • Japan's PPI comes in a touch softer than expected for m/m, while y/y prints a touch stronger than expected.
  • (BBG)Japan’s latest growth figures are set to confirm it slipped to the fourth-largest economy in the world last year, a development that reflects the impact of its feeble currency and ageing demographics. (See link)
  • Cash US tsy yields have opened flat to 0.5bp lower across benchmarks in today’s Asia-Pac session.
  • Cash JGBs are little changed, with yield movements beyond the 1-year (+1bp) bounded by +/- 0.5bp. The benchmark 10-year yield is 0.1bps higher at 0.727% versus the Nov-Dec rally low of 0.555%.
  • Swaps are slightly richer. Swap spreads are slightly tighter.
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