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Maintain Softer Bias, BoJ Bond Buying Ops Coming Up

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JGB futures sit close to Thursday lows in the first part of Friday dealing. JBM4 was last at 144.06, -.21.

  • The US 10yr Tsy future trend has been relatively steady, with a slight upside bias, but this hasn't spilled over to JGB futures.
  • The main focus is the upcoming BoJ bond buying ups in around 30mins. Focus will be whether purchases are cut further after Monday's reduction in bond buying for the 5-10yr tenor.
  • BoJ Governor Ueda is also before parliament this morning. Early questions have been on the central bank's ETF holdings. Ueda stated there are no plans to offload such holdings in the near term.
  • In the cash JGB space, yields are around 1bps higher, the 10yr back to 0.94%, the 30yr close to 2.05%. 10yr swap rates have edged back above 0.99%.
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JGB futures sit close to Thursday lows in the first part of Friday dealing. JBM4 was last at 144.06, -.21.

  • The US 10yr Tsy future trend has been relatively steady, with a slight upside bias, but this hasn't spilled over to JGB futures.
  • The main focus is the upcoming BoJ bond buying ups in around 30mins. Focus will be whether purchases are cut further after Monday's reduction in bond buying for the 5-10yr tenor.
  • BoJ Governor Ueda is also before parliament this morning. Early questions have been on the central bank's ETF holdings. Ueda stated there are no plans to offload such holdings in the near term.
  • In the cash JGB space, yields are around 1bps higher, the 10yr back to 0.94%, the 30yr close to 2.05%. 10yr swap rates have edged back above 0.99%.