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Off Recent Highs, Nov National CPI In Line With Expectations

JGBS

JGB futures moved away from recent highs post the onshore close on Thursday. JBH4 settled at 146.58, -.17. We are still above pre BoJ levels (closer to 146.00), but comfortably off recent highs 147.20.

  • Some negative spill over may have been evident from a retracement in US futures, with TYH4 making fresh highs in US trade (post Q3 GDP revisions) before pulling back sharply.
  • The National CPI has just printed for November. All major headline measures were in line with market expectations. The headline at 2.8% y/y, ex fresh-food 2.5%, excluding fresh food and energy 3.8%. All measures also showed slowed y/y momentum versus Oct.
  • Coming up a little later we have the BoJ minutes, from the October policy meeting.
  • In the cash JGB space, we recovered some ground yesterday. The 10yr yield firming back above 0.58% (which puts it back above the simple 200-day MA). The 10yr swap is back close to 0.81% in latest dealings.
  • On the supply side today, we have the 3mth bill auction. There is also a 15.5-39yr enhanced liquidity auction.
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