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Mostly Cheaper, BoJ Gov. Achieved Goal For A Simpler Framework

JGBS

At the Tokyo lunch break, JGB futures are holding weaker, -15 compared to settlement levels, but above session lows.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Labor & Real Cash Earnings and Current-Account Surplus data.
  • (Reuters) A year into his job, Bank of Japan Governor Kazuo Ueda said he had achieved a goal he set when taking the helm: changing the bank's complex monetary stimulus into a simpler framework. (See link)
  • Cash US tsys have extended Friday’s post-payrolls cheapening in today’s Asia-Pac session, with benchmark yields 1-2bps higher.
  • Looking Ahead, the market’s focus is likely on US CPI and March FOMC minutes on Wednesday and PPI on Thursday.
  • Cash JGBs are mostly slightly cheaper across the curve. The benchmark 10-year yield is 0.6bps lower at 0.783% versus the YTD high of 0.801%.
  • The results of today’s BoJ Rinban Operations covering 1-3-year, 5-10-year and 25-year+ JGBs will be out soon. 5-year supply is due tomorrow.
  • Swap rates are flat to slightly higher across maturities. Swap spreads are mostly tighter.
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