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Long End Outperforms, Futures Little Changed


JGB futures stuck to a narrow range, last +1 on the day. The major benchmarks across the cash curve run little changed to ~1.5bp richer, with some modest outperformance for the super-long end of the curve.

  • Local news flow remains light, with a slower rate of expansion witnessed in the latest flash m'fing PMI print, while a deeper rate of contraction was seen in the services reading. The latest round of 1- to 3-Year and 5- to 10-Year BoJ Rinban ops saw a modest uptick in offer/cover ratios. Elsewhere, BoJ Gov. Kuroda met with Japanese PM Suga, although it seemed to be a routine catch up between the two, touching on BoJ policy and the broader global economy.
  • Services PPI & 20-Year JGB supply headline the local docket on Thursday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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