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Only 7s sit cheaper on the cash curve given the overnight session weakness in futures, as Tokyo reacts to Thursday’s wider developments, leaving cash JGBs 1bp richer to 1bp cheaper across the curve. Meanwhile, futures initially showed below their post-Tokyo base before recovering to print -41 at typing. Moves in swaps are likely limiting any bid in JGBs, with rates higher in a steepening move on that curve, leading to wider swap spreads across the term structure.

  • Local headline flow has seen Finance Minister Suzuki continue to play down worry re: domestic contagion stemming from the issues facing Credit Suisse & smaller U.S. banks (albeit flagging a careful monitoring of the situation), while highlighting the need to respond to inflationary pressure with additional measures.
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Only 7s sit cheaper on the cash curve given the overnight session weakness in futures, as Tokyo reacts to Thursday’s wider developments, leaving cash JGBs 1bp richer to 1bp cheaper across the curve. Meanwhile, futures initially showed below their post-Tokyo base before recovering to print -41 at typing. Moves in swaps are likely limiting any bid in JGBs, with rates higher in a steepening move on that curve, leading to wider swap spreads across the term structure.

  • Local headline flow has seen Finance Minister Suzuki continue to play down worry re: domestic contagion stemming from the issues facing Credit Suisse & smaller U.S. banks (albeit flagging a careful monitoring of the situation), while highlighting the need to respond to inflationary pressure with additional measures.