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Long End Lags

JGBS

JGB futures pared their modest overnight losses during the Tokyo morning, with U.S. Tsys trading on the front foot and domestic equities edging lower, although the contract held to a narrow range, hitting the break 1 tick below settlement levels.

  • The long end of the cash curve has seen some underperformance today, after yesterday's outperformance, cheapening during the Tokyo morning, even with receiving seen in the super-long end of the swap space.
  • Locally, the COVID situation in Tokyo continues to dominate, with a local government briefing on the matter set to be held later today (see earlier bullet for further details).
  • 12-month supply is due this afternoon.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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